India to soon release new steel policy, secy says

India's Steel Secretary Sandeep Poundrik announced on Tuesday that the government will soon release its new steel policy for public consultation. The policy aims to achieve a steel production capacity of 600 million metric tons by 2047, aligning with the country's 2047 vision of Viksit Bharat. Poundrik stated that the policy will be made available for stakeholder comments and consultation within a week.

The new steel policy will include measures to discourage the import of cheap sub-standard steel, such as safeguard duties and anti-dumping duties. It will also focus on making the Indian steel industry, particularly small steel players, more competitive in terms of technology and pricing. Reuters reported that the policy aims to reduce the steel sector's average carbon emission intensity to 1.54 tons of carbon dioxide per ton of crude steel by 2047, in line with India's net-zero emission goal for 2070.

The draft document suggests that the Indian government plans to secure iron ore demand of 772 million tons and diversify coking coal sourcing through strategic global outreach and overseas acquisitions. The revamped framework will prioritize premium products and import substitution, while a separate steel scrapping policy is also under inter-ministerial discussion.