New Delhi, Apr 15 (KNN) India's Steel Ministry is taking steps to strengthen reporting requirements for steel import shipments.

The move comes amid suspected cases of misreporting or under-reporting shipment details by importers.

The Steel Import Management System (SIMS) portal, launched in 2019, is being revamped to enhance monitoring of imports.

Under SIMS, importers must register and provide necessary information about incoming steel shipments in advance.

"We have sufficient reason to believe there have been instances where the true picture of import shipments or full details have not been provided deliberately," a ministry official stated, reported businessline.

During the last fiscal year, India's steel imports rose 38 per cent to 8.3 million tonnes, while exports increased 12 per cent to 7.4 million tonnes, making India a net importer.

The ministry is also exploring alternative coking coal sources and developing a Green Steel policy.

Additionally, India is renegotiating some free trade agreements and considering "melt and pour" provisions to restrict imports to genuine manufacturers in FTA partner countries.

The official said, "We are working to ensure only steel products melted and poured in trade agreement countries will receive FTA benefits, rather than re-routed products."

The move aims to increase transparency and monitoring in the steel trade amid robust domestic demand.

(KNN Bureau)