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Rising raw material prices force MSME secondary steelmakers to shut shop
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Rising raw material prices force MSME secondary steelmakers to shut shop
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Synopsis
“All of them -integrated steel mills, secondary steel mills and MSMEs in the sector - will benefit from the scheme. This is a demand-driven scheme, and there is a huge demand for speciality steel,” he added.
In an endorsement for the government’s Productivity-Linked Incentive (PLI) scheme for speciality steel, India’s top six steelmakers are set to produce speciality steel within the first year of the announcement of this scheme, Union steel minister RCP Singh told ET.
“The scheme has been designed with input from the industry, and the top six companies will soon enter the speciality steel sector. Six top companies – including 4 international and 2 domestic players - will enter in (producing speciality steel) the first year itself,” Singh said.
PLI scheme: Steelmakers hail Cabinet approval of PLI scheme for sector, say it would increase global competitiveness
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There is an urgent need to increase and improve the logistics arrangement for the domestic steel sector, industry body Indian Steel Association (ISA) on Thursday said. Managing logistics requirements is still challenging and costly for many steel makers in India, ISA Secretary-General Bhaskar Chatterjee said in the Indian Steel Markets Conference 2021 organised by mjunction. mjunction, a joint venture between Tata Steel and the Steel Authority of India Ltd, is a business-to-business e-commerce company that also publishes research reports on coal and steel verticals. Noting that the steel production and consumption of the metal are expected to grow on the back of government initiatives, the transportation of raw materials to steel mills and finished steel to demand centres is an area to be looked at, he said in his address.