Draft National Steel Policy Vision 2047 Targets 604 MT Capacity

The Ministry of Steel's review of the sector for the first half of the current financial year says domestic demand is driving India's steel industry, and it sets out the policy work going on behind that growth. The centrepiece is the draft National Steel Policy, Vision 2047, which the Ministry has now prepared.

What Vision 2047 aims at

Green Steel Initiative

Under the Ministry's Green Steel Initiative, 104 distinct steel producers have received Green Steel Certificates across the lists issued up to October 2026. The certified items include TMT bars, hot-rolled and cold-rolled coils, plates, wire rods and pipes, and the Ministry notes that a large majority of them carry five-star ratings, which it reads as a sign that lower-emission steelmaking is spreading through the industry.

MOIL's record half year

MOIL posted its highest-ever first-half manganese ore production at 0.96 Mt in April-September 2026, going past its earlier half-year record of 0.943 Mt. Manganese ore is a key raw material for steelmaking, so the milestone strengthens domestic availability. MOIL has also formed a joint venture with Madhya Pradesh State Mining Corporation Limited, named MOIL MPSMCL Mining Limited, to explore and mine manganese ore in Madhya Pradesh.

New arms at GIFT City

NMDC and SAIL have each incorporated a subsidiary at the International Financial Services Centre in GIFT City. NMDC Global IFSC Limited will serve as an investment platform for mineral projects abroad, with an eye on critical and strategic minerals, while SAIL Global IFSC Limited will work as the group's treasury centre for cash and currency management.

Skilling and raw material prices

SAIL has signed agreements with Odisha, Chhattisgarh and West Bengal under the PM-SETU scheme to act as Anchor Industry Partner for upgrading clusters of Industrial Training Institutes, with attention to industry-oriented skills, participation of women and emerging technologies. Among raw materials, NMDC's Bailadila iron ore lump stayed at Rs 5,400 a tonne and fines at Rs 4,500 a tonne in October 2026, while scrap of the HMS II grade eased from Rs 43,810 to Rs 42,258 a tonne.

India at Russian Energy Week

Officials of the Ministry with representatives of NMDC, SAIL, MOIL and MECON took part in the India Pavilion at Russian Energy Week 2026 in Moscow from 14 to 16 October, where India was the partner country. MECON signed an agreement with Zyfra LLC for digitalisation and automation in mining, metals and energy, and NMDC signed a gas sales agreement with GAIL Gas Limited to supply re-gasified liquefied natural gas to its pellet plant at Nagarnar in Jagdalpur.