Financial Daily from THE HINDU group of publications
Tuesday, Jul 29, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 29, 2003 |
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Steel Industry & Economy - Steel 5 pc differential in steel price for Govt projects on anvil Ambarish Mukherjee
New Delhi , July 28 IN a bid to give a further boost to the domestic steel sector, the Government is planning to put in a provision of five per cent differential in the prices of domestic steel compared to imported steel for all Government-funded projects as part of the newly-drafted National Steel Policy. In effect, this would mean that for all Government-funded projects, domestically manufactured steel would be procured at five per cent premium over imported steel of the same quality. Industry sources feel that this will lead to cost escalation in Government projects and could lead to a lot of complications.The policy paper, recently circulated among the steel producers, also suggests reconsideration of the decision by which the best quality iron ore in which the iron content is maximum, namely FE65, is exported to Japan under long-term contracts, while the domestic producers are left with grades such as FE50 and FE45. The probability of increasing the share of domestic producers in higher grades of ore would also be part of the new policy, sources said. Government sources also said that a vision paper would be prepared for setting the long-term goals and objectives of the industry.
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