The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has announced that a note for fixing minimum import price for various steel products has been sent to the prime minister.
Speaking at the ASSOCHAM steel summit, Vishnu Deo Sai, Minister of State for Steel and Mines, stated that India’s Ministry of Steel and Mines is looking into the industry’s suggestion to impose minimum import price on steel products and it has been sent to the prime minister last week.
Talking about the challenges being faced by the Indian steel sector, Mr. Sai stated that the Ministry of Steel and Mines is in talks with state-run iron ore miner, National Mineral Development Corporation (NMDC) to explore the possibility of further reducing the iron ore prices. Mr. Sai further informed that the recently formed National Mineral Exploration Trust (NMET) is focused upon exploration of coking coal resources across India. By doing this India will not only become self-reliant in terms of coking coal but also reduce import dependence and help save valuable foreign currency.