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[Ferro-Alloys.com] India revises 2025 steel procurement policy to boost domestic production

HIGHLIGHTS

Local iron, steel prioritized in government projects

Exemptions allowed for unavailable steel grades

India revised its Domestically Manufactured Iron & Steel Products Policy for 2025 on April 1, the Ministry of Steel said, with the aim of boosting the competitiveness of local manufacturers.

The revised policy prioritizes the use of locally produced iron and steel products in government procurement, including capital goods used in their manufacture. However, purchases for commercial resale or manufacturing goods for sale are excluded.

The policy applies to all government ministries, departments and agencies, as well as projects funded by these entities. It mandates that all iron and steel procurements exceeding Rupees 500,000 give priority to domestic products.

Furthermore, no Global Tender Enquiry shall be invited for tenders related to the procurement of iron and steel products, nor for capital goods for manufacturing iron and steel products with an estimated value of up to Rupees 2 billion, except with the approval of a competent authority designated by the Department of Expenditure.

To ensure compliance, procuring agencies must follow standard procurement procedures and clearly outline qualification criteria in tender documents. Domestic manufacturers are required to self-certify the local content during bidding, and bidders representing domestic manufacturers must provide authorization certificates.

It also bans suppliers from countries that restrict Indian companies from participating in their government tenders from bidding for similar contracts in India. This reciprocal approach aims to level the playing field for Indian suppliers.

Market reaction

The revision is expected to have minimal impact, according to sources, as it came amid strong market conditions driven by anticipation of potential safeguard duties.

Platts assessed the spot price of IS2062, 2.5-10 mm thick hot-rolled coil, excluding an 18% goods and services tax, at Rupees 52,250/mt ($610/mt) ex-works Mumbai on April 2, up Rupees 750/mt day over day.

"There is no commercial impact from this policy. It is more about the government making clear its stance on prioritizing locally produced products," an India-based mill source said, adding that import offers from China have already been eliminated.

A second India-based mill source said the policy was welcomed by the market, adding that it was likely part of the government's crackdown on the influx of steel imports into India, which has impacted domestic steel prices and the profitability of local mills.

The Ministry of Steel, the nodal agency responsible for monitoring the policy's implementation, said that under the revised guidelines, it may grant waivers for procurements where specific grades of steel are unavailable domestically or where project demands cannot be met through local sources. However, such exemption requests must be supported by adequate proof of unavailability.

The ministry also said that the policy provisions will be applicable for the next five years and may be extended at its discretion.

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• [Editor:tianyawei]