New national steel policy being drafted; time frame can't be given now: Vishnu Deo Sai
Updated: Aug 11, 2014 03:59:13pm
New Delhi, Aug 11 (KNN) A New National Steel Policy is being drafted to replace the National Steel Policy, 2005, the process for which is on and no definite time frame can be given at this stage, Minister of State for Steel, Mines and Labour and Employment, Vishnu Deo Sai informed Parliament today.
Sai has said that as per the National Steel Policy, 2005, the total production of steel is projected at 110 million tonnes by the year 2019-20. The New National Steel Policy is in draft stage and it is not possible to give any projection for either the steel production or the corresponding iron ore requirement.
The Minister said that to ensure availability of iron ore at reasonable prices to the domestic steel industry, the Government has increased the export duty to 30 per cent on export of iron ore and imposed export duty of 5 per cent ad-valorem on the export of iron ore pellets.
Furthermore, Sai said that the consumption of iron ore by the domestic industries during 2013-14 was estimated at 103.73 million tonnes, whereas total production of iron ore in the country during 2013-14 was 152.06 million tonnes (Provisional).
NMDC supplied about 27 per cent of the estimated consumption of iron ore by the domestic industries in 2013-14. The remaining requirement of iron ore by the domestic industry was either sourced from captive iron ore mines or was supplied by other iron ore producers.
Sai has said that iron ore being in deregulated sector, its supply is sourced by the individual companies based on their individual requirement. However, NMDC is taking steps to increase its production of iron ore by opening up new iron ore mines and expanding the capacity of existing iron ore mines. (KNN Bureau)
Sai has said that as per the National Steel Policy, 2005, the total production of steel is projected at 110 million tonnes by the year 2019-20. The New National Steel Policy is in draft stage and it is not possible to give any projection for either the steel production or the corresponding iron ore requirement.
The Minister said that to ensure availability of iron ore at reasonable prices to the domestic steel industry, the Government has increased the export duty to 30 per cent on export of iron ore and imposed export duty of 5 per cent ad-valorem on the export of iron ore pellets.
Furthermore, Sai said that the consumption of iron ore by the domestic industries during 2013-14 was estimated at 103.73 million tonnes, whereas total production of iron ore in the country during 2013-14 was 152.06 million tonnes (Provisional).
NMDC supplied about 27 per cent of the estimated consumption of iron ore by the domestic industries in 2013-14. The remaining requirement of iron ore by the domestic industry was either sourced from captive iron ore mines or was supplied by other iron ore producers.
Sai has said that iron ore being in deregulated sector, its supply is sourced by the individual companies based on their individual requirement. However, NMDC is taking steps to increase its production of iron ore by opening up new iron ore mines and expanding the capacity of existing iron ore mines. (KNN Bureau)
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