Construction Industry News
The Indian government's recent mandate makes it necessary for steel imports without approval from the Bureau of Indian Standards (BIS) to obtain approval from the Ministry of Steel, with the aim of curbing the entry of substandard products. Consequently, this measure is expected to limit the increase in imports of steel products observed in recent months.
The decision is in line with the BIS quality control order for various steel products, which requires importers to seek prior quality approval from the Ministry of Steel for consignments intended for domestic sales.
As a result of this change in policy, sector experts expect a potential reduction in steel imports, which reached 7.68 million tons between April and August, which represents a significant increase of 59.45% compared to the 4.82 million tons from the previous year. Under the current system, BIS certification is granted to foreign steel mills that meet the necessary conditions. After this, government officials check the goods at Indian ports before introducing them into the market.
The recent directive gives authority to a technical committee, under the Ministry of Steel, to sanction the import of steel that does not meet BIS standards into India. Notably, South Korea emerged as the top exporter, shipping over one million tonnes in April and August, with the total value of imports for the period rising to 5,856.35 crore from 4,830.42 crore in the corresponding period. from last year.
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