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The Indian Ministry GL-F420 steel of Steel issued a notice on June 13th that all imported steel products and their production raw materials must comply with the Indian Standards (BIS) listed in the Steel and Steel Products Quality Control Order 2024. The new regulations apply to goods with bill of lading dates on or after June 16, 2024. This policy will restructure the regulatory system for steel imports in India, and signed goods in transit may face compliance risks.
According to the new regulations, steel GL-F420 steel products imported to India in the future not only need to obtain BIS certification for finished products, but also the raw materials used in their production (including billets, slabs, steel ingots, and other semi-finished products) must comply with Indian standards. Taking cold-rolled non oriented electrical steel as an example, its raw materials for hot-rolled or cold-rolled strip steel must first obtain BIS certification before the finished product can be cleared. In addition, all related products must also be registered and filed on the Steel Import Monitoring System platform.
At present, the 2024 Steel and Steel Products Quality Control Order covers 151 Indian standards, including steel under HS codes 72 and 73. The Ministry of Steel has simultaneously released a comparison table of steel and its raw material standards.
For steel importers, goods that have already signed contracts or are about to arrive at the port may be greatly affected, and market participants closely monitor their subsequent development. However, the market generally believes that the new regulations have more obvious restrictions on deep processed steel products with higher added value, while the impact on conventional base steel is relatively small. For example, the raw materials required for the production of Standard HRC do not usually need to be certified by BIS, so their import is basically not affected.
This new regulation GL-F420 steel may further affect the import trend, as strengthening quality control may tighten import imports in the short term, thereby providing some support for the Indian domestic market.
