Share of imports of finished steel from FTA countries such as Korea, Japan and Indonesia aggregated around 70 per cent of total imports to India in August 2019.
The country's largest steel maker, under the Ministry of Steel, has over 20 captive mines spread across Jharkhand, Odisha, Chhattisgarh and West Bengal.
"This will enable SAIL to not only fulfill its own requirement, but also to partially cater to shortfall in domestic iron ore requirement," the statement said.
Commerce and Industry Minister Piyush Goyal said that registration will be online and automatic, and no human intervention will be required.
Under the insolvency proceedings, JSW Steel has emerged as the winning bidder for Bhushan Power & Steel.
Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year.
Prashant Jhawar stepped down alleging illegalities and non-compliance of provisions of law by directors and management running the company.
Aichi Steel plans to introduce cutting edge technology in the state through the tie-up with Vardhman Steel.
The Jindal group firm is seeking immunity as the Delhi High Court in a recent ruling said that money laundering laws prevails over the Insolvency and Banruptcy Code.
JSW Steel expects to exceed its export target of 2.2 million tons after seeing slump in domestic demand.
In the last few months, two banks Punjab National Bank and Allahabad Bank have declared loans worth Rs 5,580 crore given to the company collectively as fraudulent.
Johari was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.
“We want a neat and clean company, and we don’t want any confusion,” Jindal told.
The lower production reported by JSW Steel is part of a larger slowdown in the steel sector which us facing low demand and pressure kn prices.
Shipments at zero duty from FTA countries have shot up by 67% in April-July 2019 against a 58% increase in the same period last year (April-July 2018).
In the iron ore-rich district of Ballari in Karnataka, at least eight plants that include secondary steel makers have scaled back production.
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