Union Minister for Steel Shri Ram Chandra Prasad Singh has informed that Details of production and consumption of long steel products used in the Housing and Construction sector in the current year, month-wise are given below which indicate that there is no shortage of long products domestically: –
| Month | Total Long Products
(Bars, Rods, Structurals and Railway Materials) |
|
| Production | Consumption | |
| April, 21 | 4835 | 4992 |
| May, 21 | 4144 | 4264 |
| June, 21 | 4477 | 4459 |
| July, 21 | 4481 | 4381 |
| August, 21 | 4935 | 4654 |
| September, 21 | 4883 | 4603 |
| October, 21 | 5088 | 4840 |
| November, 21 | 4803 | 4469 |
| December, 21 | 5243 | 5037 |
| Total(Apr.-Dec., 21) | 42889 | 41699 |
| Source: Joint Plant Committee (JPC); Provisional; Value in Thousand Ton | ||
The total production of long products from April, 21-Dec., 21 was more than the consumption. Further, several measures were taken by the Government towards availability of raw material and towards price stability, these included:-
(i) In Union Budget 2021-22, Customs Duty has been reduced uniformly to 7.5% on Semis, Flat and Long products of non-alloy, alloy and stainless steels. Further, Basic Custom Duty (BCD) on steel scrap has been exempted for a period up to 31st March, 2022. In addition to the above, Anti Dumping Duty (ADD) and Countervailing Duties (CVD) on certain steel products have also been revoked / temporarily revoked.
(ii) In Union Budget 2022-23, the Countervailing Duties (CVD) on stainless-steel products have been revoked. Also, Customs Duty exemption on stainless-steel scrap has been extended for another year, i.e., till 31.03.2023 to provide relief to the MSME secondary steel producers.
(iii) Increasing availability of iron and steel, which, inter-alia, includes (a) Mining and Mineral Policy reforms to enhance production/availability of iron ore and (b) early operationalization of forfeited working mines.
(iv) Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.
(v) To give relief to secondary and MSME sector steel industry engaged in Housing/Construction sector, TMT bars below 8 mm have been exempted from the purview of the Quality Control Order, as these are primarily used for non-critical applications.
