Steel ministry in regular talks with railways, coal ministries for smooth fuel supply: Kulaste

As per industry estimates, rates of the hot-rolled coil are trading in the range of Rs 73,000-Rs 75,000 per tonne

AgenciesUpdated: Friday, May 20, 2022, 06:43 PM IST
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On the rising prices of steel, Union minister Faggan Singh Kulaste said the rates are market-driven and will calm down accordingly./ Representative image | Photo credit: ANI

The steel ministry is in regular talks with other ministries, including the railways and coal, to ensure a smooth supply of coal to steel manufacturers, Union minister Faggan Singh Kulaste said on Friday.

Speaking to reporters at Assocham's Indian Metals Industry conference, minister of state for steel Kulaste said his ministry is taking all measures to maintain a supply of coal for steelmakers.

''We are regularly speaking to various states and ministries, especially railways and coal,'' he said, replying to a question related to coal supplies being impacted to steel plants.

Integrated steel players use coal to run their power units which supply electricity for captive use, while secondary players make steel using Directly Reduced Iron (DRI). About 70 percent of the DRI is made using thermal coal, the supply of which is in constraint in the country.

On the rising prices of steel, the minister said the rates are market-driven and will calm down accordingly.

As per industry estimates, rates of the hot-rolled coil are trading in the range of Rs 73,000-Rs 75,000 per tonne.

When asked about the response received from the players for the production-linked incentive scheme for specialty steel, Kulaste, without sharing any details, replied, ''the response is good. Various players have shown interest (in the scheme).''

(With PTI inputs)

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