For the construction of highways, the Modi government has allowed the usage of steel produced by secondary steel makers. Earlier, in highway construction, road developers were required to use steel produced by the primary steel producers only. The decision has been taken in the wake of rising prices of steel supplied by primary steelmakers, according to a PTI report. Union Minister Gadkari has been vocal about this as major steel firms were on a spree of price hiking for the last few months, mainly taking cues from their international peers. While the Road Transport and Highways Minister took the matter to PM Modi, seeking his intervention, steel companies justified the price hike to rising prices of iron ore.<\/p>\n
The minister\u2019s concerns were partly addressed in the Union Budget for 2021-22, in which import of steel was made easier by lowering customs duty on a range of items and granting duty exemption on import of steel scrap, utilized by secondary steelmakers. As per India Ratings, domestic hot rolled coil (HRC) prices (Mumbai 2.5 mm-8 mm) inched up 45 per cent year-on-year and 3 per cent month-on-month to Rs 57,000 per tonne in mid-January 2021. In 2019-20, 103 million tonne of finished steel was produced by India, out of which around 45 per cent was manufactured by the secondary steel producers.<\/p>\n","protected":false},"excerpt":{"rendered":"
For the construction of highways, the Modi government has allowed the usage of steel produced by secondary steel makers. Earlier, in highway construction, road developers were required to use steel produced by the primary steel producers only. The decision has been taken in the wake of rising prices of steel supplied by primary steelmakers, according to a PTI report. Union Minister Gadkari has been vocal about this as major steel firms were on a spree of price hiking for the last few months, mainly taking cues from their international peers. While the Road Transport and Highways Minister took the matter […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,197,138],"tags":[],"class_list":["post-400858","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-roads-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=400858"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400858\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=400858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=400858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=400858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}