For more stronger and transparent steel trade, BSE Inks MoU to allow trade in steel futures on BSE
Steel Users Federation of India and BSE sign MoU to allow trade in steel futures on Sensex, hope listing will help with much-needed transparency, level playing field and investment boost to sector.
Mumbai, 29th August 2019: Aiming for a better tomorrow, the Steel Users Federation of India (SUFI) signed a Memorandum of Understanding (MoU) with the Bombay Stock Exchange (BSE), to enable trade in steel futures on the trading platform. This MoU allows co -operation between two giants in order to launch steel futures on the Sensex.
SUFI has achieved a remarkable success in a short span of time to bring various stakeholders of the steel industry on a common platform and is marching to achieve its objective - to achieve higher per capita consumption of steel and promoting growth and excellence in the industry” said Ashishkumar Chauhan, MD & CEO, BSE.
“We always take the participants along and only when they’re onboard are new contracts launched. The synergy between BSE and industry participants will help launch even newer products, adding more value that will extend the ecosystem. I look forward to a lasting and fruitful relationship between Steel Users Federation of India and BSE. The tie-up is a key step for moving forward, opening new avenues and opportunities for the growth of steel markets in India.” Mr Chauhan further added.
BSE and SUFI will work towards enlisting steel futures in both long and flat segments. This will bring stability, risk aversion and level playing field to one and all players.
Calling the MoU an iconic moment for the steel industry in India, Nikunj Turakhia, President of the Steel Users Federation of India (SUFI), hoped that the ensuing investment would enable the industry to scale greater heights. “This move brings equal chances for everyone to invest in steel futures. This much-needed public participation will enable the sector to offer increased employment opportunities as well.”
Underlining equal opportunities to everyone in the steel trade, Mr Turakhia and Mr Chauhan inked the MoU at the International Convention Hall, PJ Towers, Dalal Street. They were joined at the event by luminaries from both the sensex body, SUFI, various trade bodies such as Steel Chamber of India, DISMA, CAMIT, CORSIA and steel mills such as Essar Steel, Tata Steel, Arcelor Mittal, etc.
Sanjiv Mehta, Senior Vice President, Mitesh Prajapati, General Secretary and members from the advisory board Dileep Bhatt, Samir Sanghvi and Anil Mittal were also present at the event.
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Steel Scenario organises Steel Scenario: Today and Tomorrow conference in partnership with SUFI
More than 150 delegates attended the event
Mumbai, 11th August 2018: Steel Scenario in partnership with SUFI- Steel Users Federstion Of India (SUFI) organised “Steel Scenario Today and Tomorrow” conference recently held at India International Centre, New Delhi.
The honourable Steel Minister Shri Chaudhary Birender Singh was the chief guest of the conference and the guest of honour were Shri Sarawati Prasad, Chairman, SAIL, Shri Naveen Jindal, Chairman JSPL and Dr. N.K. Nandu, Director-Technical NMDC.
The Steel Minister emphasised the need for innovation and technology development in steel making sector and creating awareness for making steel preferred material and also making Indian Steel mills globally competitive. Steel Research & Technology Mission of India (SRTMI) is an initiative of steel ministry and Indian steel mills for this purpose and 52 projects are already in pipeline.
The conference witnessed more than 150 delegates across India attend the conference. Topics covered in the event were Technological Advancements for Optimal use of Resources in Steel Industry, Strategies to make steel the most preferred material and co -operation in product development and innovation by user industry and Finance and Investment issues in Steel Industry.
The event focused user segment thus providing best results to business and understand challenges & opportunity in downstream processing of steel areas globally. Some of the industry’s top players participated were Shri Sridhar Rao-VP Danieli India,
Mr.Nikunj Turakhia, President, SUFI, Dr. Mukesh Kumar, Director SRTMI, Mr. Rohit Kumar- Executive Director, ISSDA, Mr. D. K Mohanty ED, International Trade SAIL, Mr. Debashis Datta, AGM, INSDAG, Mr. Rajeev Bhadauria, Group Director, JSPL, Mr Ranjit Mathure, CMO, Plate Mill & International Marketing, Essar, Steel, Mr. Rakesh Kumar Singhal- Consultant, SRTMI, Mr Steffen Heim, Executive Director Corporate Purchasing, Volkswagen India Pvt Ltd, Dr.A.S.Firoz.Chief Economist,ERU, JPC.
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SUFI board meets Steel Minister of India to take forward agenda of Steel Policy, 2017
Mumbai, 02nd August 2018: Steel Users Federation of India (SUFI) – delegation led by Shri Nikunj Turakhia President (SUFI), Shri Mitesh Prajapati - Gen Secretary, Shri Vinod Bane Secretary, Shri Samir Sanghvi, empanelled members of GST Committee CA and Shri Abhijeet Sinha E.O.D. B National Programme Director recently met the Hon’ble Steel Minister Govt of India Shri Chaudhary Birendra Singh and Shri Sameer Shukla PS Ministry of Steel at Udyog Bhuvan, Delhi to present various activities done by SUFI and challenges being faced by the steel fraternity and the road ahead.
The Hon’ble Steel Minister stated that it is about time a combined and consolidated effort is made to put steel industry to growth path. He emphasised the need for innovation and technological advancement in steel making. He informed that Steel Research & Technology Mission of India (SRTMI) has been formed in collaboration with steel mills so that research can take place under single umbrella. These efforts are to make Indian Steel Industry Globally Competitive. He acknowledged the efforts of SUFI in furthering the cause of Indian Steel Industry. SUFI extended an invitation to Hon’ble Steel Minister to be Chief Guest at SUFI Steel Awards-2018 which he accepted graciously.
According to Nikunj Turakhia, President of SUFI, “we are thankful to Hon’ble Steel Minister for accepting our invitation as Chief Guest for 02nd SUFI Steel Awards 2018.”
“We have also proposed a Round Table Conference between steel stakeholders such as steel mills, steel users, steel traders and service providers in order to have a constructive dialogue to achieve objectives of Steel policy 2017. The Hon. Steel Minister has positively acknowledged our suggestions and agreed to consider the proposal” he further adds.
The 02nd SUFI Steel Awards 2018 will take place in the month of December 2018. The SUFI Steel Awards is launched with an objective to recognize world class innovation, out of box approach, adapting to changing times, best practices and excellence in steel.
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‘GST authority assures, solutions will be provided to protect the interest of genuine buyers’, says Nikunj Turakhia
Mumbai, 28th July 2018: Steel Users’ Federation of India (SUFI) – delegation led by President (SUFI)- Shri Nikunj Turakhia as well as Senior Vice-President- Shri Sanjeev Mehta, Secretary- Shri Mitesh Prajapati and empanelled members of GST Committee CA Samir Sanghvi and CA Manish Agrawal held a meeting with Hon’ble Commissioner of Goods and Service Tax- Shri Rajiv Jalota Ji and Hon’ble Joint Commissioner of Goods and Service Tax- Shri Dhananjay Akhade Ji, Mumbai on Friday, 27th July 2018 at GST Department, Mazgaon, Mumbai.
The meeting with authorities were in relation to specific burning issues under GST currently faced by the steel businesses and due to those issues, business and trade are affecting badly.
Shri Nikunj Turakhia raised those issues and hardships in GST, still faced by steel business, traders and industries. He drew the attention of Hon’ble Commissioner and Joint Commissioner of Goods and Service Tax for below mentioned unresolved issues and submitted the detailed memorandum with suggestive corrective remedies and proactive suggestion for easy implementation, summarised below-
Steel Trade/Business specific issues:
1) Input tax credit (ITC) in case of no movement of goods, where sometimes actual movement of the goods do not take place, but delivery is symbolic or constructive (which is permitted under general Sale of goods Act), because of the heavy transportation cost and probable deterioration of quality of goods due to frequent movement.
2) Regarding Reversal of input tax credit if supplier defaulted on payment of GST, where recommendation was made to the Government to introduce Tax deducted at source (popularly known as “TDS”) mechanism in B2B transactions by buyer and enabling software to show credit in electronic ledger of supplier while filing GSTR1. The move is proposed to enable (a) buyer to timely claim ITC, as there would be no more scope for supplier to default; and (b) the Government to corner defaulters with preventive approach by notification of Caution list of defaulters on official website.
3) GST on ocean freight under reverse charge mechanism resulting into double taxation first at time of Import and secondly on Ocean freight element leading to blockage of cash and therefore, recommendation was made to permit use of credit in Electronic ledger account against liability to be discharged under RCM.
In interactive discussion, the Hon’ble Commissioner and Joint Commissioner of Goods and Service Tax raised his concerns over transactions of ‘circular trading’ behind idea of Government behind no ITC in case of ‘transactions with no movement of goods’. Further, SUFI also put up the idea of introducing TDS in GST with objective to protect interest of buyer for claiming ITC as well as of Government about timely recovery of taxes and importantly, punish the defaulters on real time basis. All the challenges faced by the Steel fraternity in genuine transactions (where movement is not caused due to specific technical requirements) were discussed in detail and after listening the trade specific issues from SUFI representatives, GST authority assured that with due deliberation, solutions will be provided to protect the interest of genuine buyers. Further, authorities also suggested to avail the benefits of advance ruling on case specific basis. Authorities also emphasised that route of advance ruling is faster and convenient mode to resolve the issues.
In all it was a very satisfactory and fruitful meeting and clarification from the GST authorities will benefit to all. Most importantly, authorities are open for suggestions from general public to make the GST law clearer which will helpful for the growth story of the trade and industry.
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SUFI represents strongly for TDS like mechanism for GST payment default by seller.
SUFI- Steel Users’ Federation of India - delegation led by Shri Samir Sanghvi, Chartered Accountant as well as empanelled member of GST Committee - SUFI attended interactive session with Hon’ble Interim Finance Minister Shri Piyush Goyal ji on Sunday, 15th July 2018 at Sahyadri Guest House, Malabar Hill, Mumbai held on first anniversary of GST.
The session was full house and very well attended by more than 250 representatives of Trade, Industries and Transport as well as professionals. In the financial capital of India, the Hon’ble Finance Minister on behalf of Government appraised patience and support of each person of the Country like businessman, common man or Government authorities in successful rollout of world’s biggest reform i.e. GST, which could not have been possible without support of all.
CA Samir Sanghvi raised various unresolved issues and hardships in GST, still faced by Steel users/ trade and industries. He drew the attention of Hon’ble Finance Minister for below mentioned unresolved below.
Steel Trade/Users specific issues:
1) Input tax credit (ITC) in case of no movement of goods, where sometimes actual movement of the goods do not take place, but delivery is symbolic or constructive (which is permitted under general Sale of goods Act), because of the heavy transportation cost and probable deterioration of quality of goods due to frequent movement.
2) GST on ocean freight under reverse charge mechanism resulting into double taxation first at time of Import and secondly on Ocean freight element leading to blockage of cash and therefore, recommendation was made to permit use of credit in Electronic ledger account against liability to be discharged under RCM.
3) Clarification on E-way bill in case of ‘Bill to Ship to’ transaction, where recommendation was made to the Government to protect interest of traders to introduce a technology /mechanism to hide transaction value as well as address of ultimate supplier or ultimate customer from everyone except preparator of E-way bill and concerned GST officers.
4) Regarding Reversal of input tax credit if supplier defaulted on payment of GST, where recommendation was made to the Government to introduce Tax deducted at source (popularly known as “TDS”) mechanism in B2B transactions by buyer and enabling software to show credit in electronic ledger of supplier while filing GSTR1. The move is proposed to enable (a) buyer to timely claim ITC, as there would be no more scope for supplier to default; and (b) the Government to corner defaulters with preventive approach by notification of Caution list of defaulters on official website.
5) Inclusion of petroleum products like petrol, diesel etc. in GST regime with ITC, with rationalized approach to reduce logistic cost of raw material procurement and overall cost of production and making “India make” product world competitive as well as beating inflation, creating jobs and financial stabilities amongst the Industries.
6) Concessional GST rate on Electric Vehicle and related Infrastructure proposed with an aim to make business of Indian steel user Industries such as automobiles and accessories, battery makers, Charging stations etc. competitive in line with MNCs.
7) Other recommendations in ease of doing business by considering adoption of Maharashtra MVAT's SAP system for flawless GST compliances.
The Hon’ble Interim Finance Minister raised his concerns over transactions of ‘circulus trading’ behind idea of Government behind no ITC in case of ‘transactions with no movement of goods’, but at the same time, after listening the trade specific issues from SUFI representative, he directed GST department to define parameters to identify transaction as genuine or ‘circulus’ which can protect interest of genuine buyers. He also got convinced with idea of introducing TDS in GST with objective to protect interest of buyer for claiming ITC as well as of Government about timely recovery of taxes and importantly, punish the defaulters on real time basis. He also directed GST Department to implement on this specific SUFI recommendation.
In all it was a very satisfactory and fruitful interactive session which will yield benefits to all without any doubt. Most importantly, it opened up the perception of general public towards efforts of Modi Government to lift the trade to sustainable growth from initial glitches of one-year old GST law.
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Nikunj Turakhia appointed to Member-Steering Committee for ease of doing business program 2018
Mumbai, 09th July 2018: Steel Users Federation of India (SUFI) president Nikunj Turakhia has been elected as Member- Steering Committee under Regulatory Association and Authority Category for Ease of doing business Program 2018.
This Program is supported by Ministry of Commerce and Industry, Human Resource Development, Science & Technology and Earth Science, Tourism Culture, Law & Justice Govt. of India.
Mr. Turakhia will hold office for a term of five years.
On this appointment Nikunj Turakhia, President of SUFI said, “I am honoured to be appointed as a Member-Steering Committee for ease of doing business prog 2018. I am thrilled to be a part of this program and look forward to working with policymakers across the country to contribute in improving ease of doing business in India.”
The program is taking forward the vision of Hon’ble PM of India Mr. Narendra Modi to accord ‘ease of doing business’ the top priority to attract more investment thereby taking the country on the path of economic development.
As of now approval for 400 projects with investments over $70 billion have been expedited under Modi.
In ease of doing business India jumped 40 ranks to move from 142nd to 100th this year and is expected to reach 50th in the next two years according to Amitabh Kant, CEO, NITI Aayog.
Indian steel sector is said to be growing at CAGR of about 5% over the past four years and is expected to reach 150 MT mark by 2020.
Under the national steel policy announced last year a target has been set for raising the capacity to 300 MT by 2030 and produce 250 MT of crude steel. It also aims to increase the per capita steel consumption to 160 kg by 2030.
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SUFI announces the 02nd supplement GST DECODED FOR STEEL booklet (E Way Bill special edition)
Finance Minister Of Maharashtra Unwraps A Booklet In Mumbai
Mumbai, June 30, 2018: Steel Users Federation of India (SUFI) announced 02nd supplement ‘GST- Decoded for Steel’ booklet (E-Way Bill special edition) and unveiled by Shri Sudhir Mungantiwar-.Hon'ble Finance Minister of Maharashtra at The Sahyadri Guest House, Mumbai yesterday.
According to Nikunj Turakhia, President of SUFI said, “E-way bill, of course, takes the whole objective of GST forward and brings to record a “transport document” required for movement of goods. It tries to standardize this document as otherwise it was lorry receipt, delivery challan, proforma invoice, invoice, etc. which used to accompany the transport vehicle. Now, with the introduction of e-way bill, this procedure is more or less organised and leads to compulsory registration of movement of goods.”
“In particular, I would like to take this opportunity to thanks Shri Rajiv Jalotaji, GST commissioner and his entire GST team for their immerse support in resolution of queries and clarification of the issues.” He further adds.
This book is a ready reckoner and will be helpful for all constituents of steel fraternity as well as other users of e-way bill. This is the continuation of the editions ‘GST- Decoded for Steel’ and ‘GST- Decoded for Steel, Supplement-1’.
Shri Mungantiwar applauded the efforts taken by SUFI and congratulated the SUFI team along with SYNTHESIS team who has compiled the second book.
SUFI congratulates the present government and the GST team for implementing such a massive change in the system in a record time. This is possible only if there is a willingness to achieve.
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Trade association rep meet GST Commissioner to discuss the problems related to e-way bill
Discussion between businessmen and GST Council officials to be held next week to resolve the problems of businessmen
Mumbai, 08th June 2018: A delegation led by Nikunj Turakhia, General Secretary of Chamber of Associations of Maharashtra Industry and Trade (CAMIT) and President of Steel Users Federation of India (SUFI) has recently met Rajiv Jalota, state GST commissioner to discuss the hurdles faced by them in the smooth implementation of the e-way Bill.
The trade associations highlighted the lack of privacy in the “bill to ship to transaction” which created problems for the mediator thus making the e-way bill complex. Mr. Jalota assured them that the department will look into the issue.
On the issues of godown transfer where movement of goods does not take place, the trade association requested that this be views as valid under GST. The Commissioner termed this move as a valid transaction subject to fulfilment of certain conditions as given under GST Rules.
Nikunj Turakhia, President of SUFI said, “We are grateful to Mr. Jalota for setting aside out time for us at such a short notice. He patiently listened to our issues and promised to resolve them on a priority basis.”
Hemant Parekh called attention to the numerous parties who have failed to pay GST and fled. He stressed that unless the concerned department fails to take immediate action and bring these defaulters to book, it will create a huge problem for the genuine buyers.
Taking cognizance of the issue Mr. Jalota termed the matter as “grave” and assured that the GST council will look into the matter and resolve the issues sooner.
“CAMIT appreciates and acknowledges the tremendous contribution of Mr. Jalota in successfully implementing GST in the state and his proactive approach in resolving issues. However, the trade sector is facing various issues with regards to the E-Way bill. Through this meet, we wanted to highlight these issues and are satisfied with the assurance provided by Mr. Jalota” said Mohan Gurnani, Chairman of CAMIT.
Also brought to notice was avoidance of transporters from filing form B thus creating problems for buyers and sellers.
Mr. Jalota additionally proposed to have another detailed meeting next week so that the department will try to resolve as many issues as possible and also present them to the GST Council at the earliest.
A suggestion was also made by Mr. Jalota to hold Q&A sessions at association level which will be attended by GST officers to resolve problems faced by trade.
CAMIT Team plans to organize the session within a week.
Other members of the delegation included Hemant Parekh, former President of Bombay Metal Exchange; Mitesh Mody, President, All India Electronics Association; Mitesh Prajapati, Secretary, CAMIT, and General Secretary SUFI; CA Manish Agrawal, Synthesis Group and empaneled member SUFI.
Additionally, CAMIT and SUFI congratulated Mr. Jalota for bagging the Prime Minister's Award for implementing the GST effectively.
Further SUFI is coming out with a booklet on e-way bill which is in continuation of the book ‘GST-Decoded For Steel’.
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India overtakes Japan, becomes 2nd largest producer of crude steel
Mumbai, 04th April 2018: In a major achievement, India overtook Japan to become the second largest producer of crude steel in Feb 2018. At present China is the largest producer of crude steel in the world producing more than 50% of the steel produced in the World.
India’s crude steel production was up 4.4% and stood at 93.11 million tons for the period April 2017 to February 2018 (prov) as compared to April 2016 to Feb 2017.
India overtook USA in 2015 to become the third largest producer of crude steel.
According to Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI), “India bagging the second position ahead of Japan is a matter of pride and speaks volumes about the right policies undertaken by the Modi government. The government has taken host of steps to curb imports, push local demand with initiatives like "Make in India,” implementation of the GST and infrastructure projects, to encourage the domestic market.”
According to World Steel Association India produced 8.4 Mt of crude steel in February 2018, up 3.4% on February 2017.
“The steel ministry is working proactively to lay down the road map to achieve 300 million tons by 2030 and we seem to be on the right track. In addition, the quick resolution of various big-ticket steel mills under IBC and NCLT is expected to further hasten the process of achieving higher capacity utilization,” he added.
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SUFI Post Budget and E Way Bill Seminar receives all-round appreciation
Mumbai, 05th February 2018: The Steel Users Federation of India (SUFI) has successfully concluded its post budget seminar in Mumbai. This year the event has been more illuminating and thought provoking as the organiser has added a special session to address the issues that has been faced by the trading and business community in Maharashtra with the promulgation of E- Way Bill.
The seminar has witnessed the presence of powerful gathering of steel Industry fraternity along with members from various industry associations like BIMA DISMA, BME, CAMIT, All India Electronic Merchant Association etc.
During the course of the budget session, the empanelled experts from SUFI has tried to give a simplistic narration of budget which has really helped the trading community to understand the budget in a prudent manner.
While, the E-Way Bill presentation by Shivaji Patil, Deputy Commissioner (Investigation), GST Maharashtra was more an illustrative interactive session with the trading community and has really helped to address the issues that has been faced by the traders during the trial run of the E-Way Bill.
Speaking on the occasion, Shri Nikunj Turakhia, President, SUFI appreciated the Government for bringing a balanced and progressive budget. He also thanked Shri. Rajiv Jalota, GST Commissioner, Maharashtra for sending his officers from nodal 3 to explain and address the doubts amongst traders regarding the e-way bill.
He also expressed his gratitude towards, Shri S.G Morale, Additional Commissioner, GST Maharashtra, for being present at the event along with his team and for helping the traders to clear all the doubts pertaining to the E-Way Bill.
In a nutshell, the seminar has played a crucial role in disseminating the Budget 2018 in a jargon less narrative. Moreover, the traders welcomed the initiatives taken by SUFI to address the burning issues that has been faced by the traders and industry. They also thanked SUFI for helping them to understand the E- Way Bill in its simplest and smartest form.
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Maharashtra FM Sudhir Mungantiwar unveils book which decodes GST for Steel
· This book has been published by Steel Users Federation of India (SUFI) to facilitate businessmen.
· 10 thousand copies will be distributed among steel businessmen.
Mumbai, 22nd January, 2018: With the market still in knots regarding GST the Steel Users Federation of India (SUFI) unveiled its latest publication ‘GST Decoded for Steel Supplement-1’ at the hands of Maharashtra’s Finance Minister Sudhir Mungantiwar. The book offers simple and easy solutions to doubts and problems of steel businessmen regarding payment of the GST.
The occasion was marked by the presence of Nikunj Turakhia (President of SUFI), Mitesh Prajapati (General Secretary- SUFI), Vinod Bane (Secretary- SUFI) and Narayan Gupta (Director- SUFI). This booklet is prepared by well-known chartered accountants Sameer Sanghavi and Manish Agrawal.
Speaking on the book launch Finance Minister of Maharashtra, Shri Sudhir Mungantiwar said, “Such initiatives help in effective implementation of government policy of ‘one nation’, ‘one tax’ i.e. GST. In addition, they also help allay the doubts and this results in seamless and quick payment of taxes by the businessmen.”
Last year, in July 2017, SUFI released ‘GST Decoded for Steel’, which proved beneficial to the businessmen. The latest book is the first supplement to this publication which includes the changes brought in GST on December 21, Government law on ease of doing business, information about Ready Reckoner, and information related to the law.
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Details reports on SUFI Steel Awards 2017
The SUFI Steel Awards 2017 was held in the grand presence of chief guest Shri Subhash Desai, Industries Minister, Govt of Maharashtra and Guest of Honor Dr. A. S. Firoz, Chief Economist JPC Ministry Of Steel among other eminent officials and industry personalities.
The awardees of three distinct categories were Kalyani Steel Ltd. winner of Emerging Company of the year, Shri Anil Mittal- CEO of ACCIL and Shri R. Sridhar- CEO of Essar Steel Pune Facility, were the joint winners of Steel CEO of the year as there was a tie for this category and the Steel Company Of The Year Trophy went to JSW STEEL. The winners were selected by a panel of jury comprising of eminent personalities from different walks of life. The evaluation of nomination process was conducted by using a point based qualitative approach to determine the overall winners, earlier this month.
Dr. Firoz enlightened the audience on the new steel policy and how the target of 300 million tons by 2030 is achievable. He said, “It is important that steel industry takes user industry in their stride, as it drives products and innovation.”
Shri Rajiv Jalota - Commissioner GST, Maharashtra could not be present but his video recorded message was played where he appreciated the comprehensive, rigorous and impartial selection process.
Congratulating the winners, Shri Nikunj Turakhia, President of SUFI, said “SUFI was born because there was no consolidated and united front, as to who can approach the government. It is vital to understand that steel stakeholders are not independent but they are interdependent. They have to co-exist. Last few years steel industry has seen lot of ups and down and it is imperative that excellence is recognized and awarded. It creates a bench mark for the industry to emulate.” He further laid down the road map for future plans of SUFI in order to help kick start consumption cycle in steel so as to achieve target of 160 kgs/head by 2030.
The SUFI Steel Awards is launched with an objective to recognize world class innovation, out of box approach, adapting to changing times, best practices and excellence in steel. The evaluation criteria was drafted by well-known CA firm Synthesis Group and UPG Associates .The other SUFI panel members viz solutions combined and C N Sanghavi & co were felicitated.
Shri Mitesh Prajapati, General Secretary from SUFI said that, “this is first time whole Indian steel industry is present and this is a huge achievement by SUFI.”
The event was attended by eminent jury panel by Shri Ramesh Chander – Commissioner Customs, Mumbai, Shri Abhijeet Sinha - Consultant Govt. Affairs & Dir, EODB & ASSAR, Shri Mohan Gurnani- Trade Leader & Chairman, CAMIT and Shri Hinesh Doshi - Income Tax Expert and VP, Chamber of Tax Consultants.
The whole steel fraternity including steel mills such as TATA STEEL, JSW STEEL, JSPL, SAIL, MANAKSIA, ESSAR STEEL, Bhushan Steel, ACCIL, CRIL ,UTTAM STEEL along with big steel users and prominent traders and service providers were present. The function was well attended by foreign companies such as Macsteel , Nippon Steel and Sumikin Busan, Duferco , JFE Shoji ,Manucher Trading , CIEC, S K Networks, G S Global, Nucor trading, ThyssenKrupp, Aluzinc Asia,Pisec Group Gmbh. Toyota Tsusho. Steel Associations across India such as Bima, Disma, Steel Chamber of India, Gujarat Federation, Tamil Nadu association, Ilva, BME, CAMIT, AIEA, IMC were present to felicitate the best in steel industry.
The principal sponsor for the event was Pushpak Rolling mills. Shri Vinod Bane of Secretary of SUFI mentioned that SUFI will add few more categories next year
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SUFI Steel Awards 2017 Holds Jury Meet
Mumbai, December 5th, 2017: Taking forward the preparation of the upcoming Steel Awards 2017, The Steel Users Federation of India (SUFI) held jury meet on 4th December in Mumbai.
Jury member present at the meeting were Mr. Rajiv Jalota-Commissioner of GST, Maharashtra, Mr. Ramesh Chander, Commissioner of Customs, Mumbai, Mr. Abhijeet Sinha, Country Director- ASSAR, Mr. Hinesh Doshi- International Tax Expert, and Mr. Mohan Gurnani- Trade leader. The objective was to discuss on the three categories of awards viz. Steel CEO of the year, Emerging Company of the year, and Steel Company of the Year.
Mr. Rajiv Jalota was elected as chairman of jury panel with consensus of jury members.
Commenting on the first of its kind award specifically for the steel industry in India, Mr. Nikunj Turakhia, President of SUFI said, “Indian steel industry is all set to become the second largest steel producer of the world. With the advent of these awards we want the excellence of our steel players to be acknowledged, applauded and awarded. The idea is to celebrate the effort and strength of the industry.”
The awardees were selected by a panel of jury comprising of eminent personalities from different walks of life. The jury conducted the evaluation of nomination process using a point based qualitative approach to determine the overall winners.
The selection process was video recorded, and members of press were also invited in order to bring complete transparency to the process. The selection criteria and process were laid down by well-known Chartered Accountant Firms Synthesis group and UPG associates. To name few of the prominent nominees selected during the process are Tata Metaliks, Kalyani Steels ltd, TATA Steels, JSW Steel Ltd, Steel Authority of India Ltd, etc.
The SUFI Steel 2017 Awards which will take place later this month, recognises world class innovation, out of box approach, adapting to changing times, best practices and excellence in steel.
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Steel Group in association with SUFI holds 2nd Automotive Steel Summit 2017 in Pune
Pune, 15th September 2017: After the overwhelming response and success of the 5th GCP Summit and 3rd Steel Long Products Summit, Steel Group and SUFI organised the 2nd Automotive Steel Summit today at Hotel Westin, Pune.
The major Steel producers, Auto companies, Auto Vendors, equipment and technology suppliers and large steel distributors attended the Automotive Summit.
More than 300 delegates across steel and automotive industry from four different countries were in attendance.
Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI) said, “2nd Automotive Steel Summit is an attempt to bring steel mills and auto companies along with their vendors onto a common platform. The growth of the auto industry is directly proportional to agenda of make in steel for ‘Make In India’. Hence these deliberations are crucial to further this agenda."
There was a panel discussion on Make in India and automobile sector and also discussion on high strength steel for 2 and 4 wheeler industries.
Some of the industry’s veterans who participated were Mr. Sanjay Jayram (Executive VP - JSW Steel), Mr. Pawan Vij (General Manager- Paint Shop from Volkswagen India), Mr. Sanjeev Raghuwanshi (Executive Director from Steel Strips Wheels Ltd) and Mr. S. Kumaraguruparan (DGM - Sourcing and Supply Chain from Ashok Leyland), Mr. Satyajit Mohapatra (GM- Application Engineering from ESSAR Steel India Limited), Mr. C Song, HOD Auto for POSCO and Mr. Sanjay Gupta from Emirates Steel, Abu Dhabi.
Automotive Companies, Steel Industry, Automotive Ancillary Supplier, Technology and Equipment Suppliers, Consultants, Traders, Supply and Logistic companies, Financial Institutes participated in this conference too.
The automotive industry in India is one of the largest sectors that consume steel, which is available in both routes-domestic production and imports
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Post GST, Low GDP growth - Cause of concern
Mumbai, 06th September 2017: India currently being the world's (third) largest producer of crude steel is expected to become the second largest producer by 2020. The steel sector in India contributes nearly 2% of the country’s GDP and employs over 600,000 people.
The GDP growth fell to 5.4% per cent in the April-June period----lowest in last three years. Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI) said, “The manufacturing sector has dipped from 10.7% to 1.2% y-o-y. It is followed by finance and realty from 9.4% to 6.4%; with electricity, water supply and gas registering 10.3% to 7.0%.There is cause of concern here as this shows significant manufacturing sector slowdown.”
One of the reasons is destocking due to introduction of GST and leftover effect of demonetisation whereas, the steel sector showed positive growth backed by anti-dumping measures, robust exports, growth in infrastructure and auto sector.
He believes that the major issue is lack of confidence in the system. The gross fixed capital formation (GFCF) rose only 1.6% yoy. The government needs to work upon stability of policy and confidence building exercise so that manufacturing bounces back strongly. The investment cycle needs to kick start
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SUFI attends 3rd Steel Long Product Conference in Chittagong, Bangladesh
Mumbai, 11th July 2017: Steel Users Federation of India (SUFI) attended 3rd Steel Long Product Conference held today at Radisson Blu, Chittagong, Bangladesh organised by Steel Group. The information packed day covered various topics aimed at informing stakeholders on relevance and future of steel industry.
Mr. Mitesh Prajapati, General Secretary and Mr. Vinod Bane, Secretary SUFI were representative from SUFI and met Dr. A.S Firoz, Chief Economist and Dr. Susmita Dasgupta, Jt. Chief Economist, both from Joint Planning Committee, Ministry of Steel, Govt. of India explaining about SUFI and its various recent activities for the welfare of the Steel Community also shared ‘GST- Decoded for Steel’ booklet with them.
According to Mr. Mitesh Prajapati, General Secretary of Steel Users Federation of India (SUFI) said, “It is our honoured to be associated with this conference, an event of such a high prominence that offers unparallel business opportunities and brings key decision makers of steel industry across world under one roof.”
There were about 200 delegates participated across the world.
The conference witnessed national and international speakers presenting on various innovations in the field of steel sector across the globe. Topics covered in the event were market scenario present and future trends, new and effective technology for steel long products segment, energy efficiency, surface inspection system and lab equipment measurement and automation system, auxiliaries and utilities and consumables required Innovation.
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SUFI announces ‘GST-DECODED FOR STEEL’ booklet
Mumbai, July 05, 2017: Steel Users Federation of India (SUFI) announced ‘GST- Decoded for Steel’ booklet and unveiled by Shri Rajeev Jalota, Commissioner of Sales Tax yesterday in Mumbai.
Shri Rajeev Jalota was felicitated by Shri Mohan Gurnani, Chairman of CAMIT by a shawl and bouquet in presence of Shri Atul Shah- Corporator from BJP, Shri Anil Mittal- CEO of Asian Color, Shri Nikunj Turakhia- President of SUFI, Shri Mitesh Prajapati- General Secretary of SUFI, Shri Anis Valia- President of BIMA, Shri Manish Doshi - JT Treasurer of SUFI, Shri Nilesh Juthani- JT Secretary of SUFI and members from SUFI Board.
Shri Gurnani also congratulated the government through Shri Jalota for the introduction of GST in the country and its long-term benefits.
Adhering to the Governments tagline “One Country, One Tax” for the introduction of GST, this book covers comprehensively all the aspects of steel trade. The book is a ready reckoner for all constituents of steel fraternity such as manufacturers, users, stockists and brokers. The book has given illustrations so that everyone can understand in simple language. It advises you on GST in detail and helps understand in enabling GST to make it more IT empowered.
Shri Jalota applauded the efforts taken by SUFI and congratulated the SUFI team along with SYNTHESIS team who has compiled this book.
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‘Bright Spot’ recognition is an honour and a responsibility at the same time, says Nikunj Turakhia, President, SUFI
Mumbai, June 10th 2017: India has been recognized as the global steel production ‘bright spot’ in the latest BMI Research report. The report has ascribed sector’s success to government’s boost to grow current capacity in order to meet demands from the construction, automotive and infra sectors. The report highlighted Indian steel giants such as Steel Authority of India Ltd (SAIL) and Tata Steel as the major drivers for the growth.
Thanking the push from the government through various initiatives, Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI) said, “In the recent years, the Indian steel industry has showcased a progressive output trend y-o-y. Being recognized as a ‘Bright Spot’ is highly encouraging as well as a large responsibility at the same time and with the introduction of regimes such as ‘New Steel Policy’ and ‘Anti-Dumping Policy’, India is indisputably marching towards proclaiming its global position as one of the top steel producer.
SUFI was one on the delegation that recently presented anomalies with regards to GST to the Finance Minister of Maharashtra Shri. Sudhir Mungantiwar on 07/06/17 at Sahyadri Guest House, Mumbai.
Commenting on the implementation of GST regime from July 1st onwards, Mr. Turakhia expressed concerns over challenges the sector will face in the teething phase, thus urging the government to relax imposition of GST penalties/ prosecution, look into ITC issues subsequently encouraging steel players to collectively work towards attaining its share of global steel production by 2021.
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SUFI Meets Shri. Nitin Gadkari, over “Eastern Waterfront Development
Mumbai, June 02nd 2017: In a meeting held yesterday, a delegate of Steel Users Federation of India (SUFI) met Shri. Nitin Gadkari, Honorable Minister of Transport and Shipping, at his office in New Delhi. The agenda was to discuss eviction notices issued to lease holders of innumerable establishments of steel traders on MbPT (Mumbai Port Trust) leasehold land. The notice is issued under government scheme of Eastern Waterfront development.
The delegation was lead by Shri Mohan Gurnani, Director (SUFI) and Chairman (CAMIT), Shri Anish Valia, Treasurer of SUFI, Shri Nilesh Juthani, committee member of SUFI and various office bearers of DISMA, BIMA, BME and Steel Chamber Of India.
Emphasising the worries of the traders, Mr. Nikunj Turakhia, President of SUFI said, “Most of the steel traders in the MbPT belong there from three generations or more. The scheme has created anxiety for the commerce that is established on decades of goodwill and community set-up. That said, we are thankful and content with the Honorable Minister’s assurance and his consideration to our plea.”
Shri. Nitin Gadkari has assured SUFI that the existing occupants will not be disturbed and evicted but a scheme shall be worked out. Stressing over the importance and necessity of trade for the economic development of Nation and MbPT, he further added that traders will be relocated in MbPT area itself and revised rent at subsidized rates will be applicable to the genuine and original stakeholders / tenants of BPT. He also assured that utmost care will be taken while executing the new development plan so that no trade or trader will suffer any business loss. The new development plan is yet to be submitted and approved by PMO.
Under the eastern waterfront project, the MbPT aims to develop 500 hectares between Wadala and Ferry Wharf. The project will include development of land for housing, educational amenities and develop the eastern seafront for tourism by creating marinas, promenades, public parks and cycling tracks, among others. Consultants have been appointed to draft the master plan.
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“The Anti-Dumping Duty on hot rolled in-line with the New Steel Policy” says, Nikunj Turakhia, President of SUFI
Mumbai, 13th May 2017: In a latest announcement the finance ministry has imposed anti-dumping duties ranging from $478 to $ 489 per tonne on hot rolled alloy and non alloy coils and $561/mt on hot rolled plates when imported from China PR, Japan, Russia, Indonesia, Brazil and South Korea in a bid to curtail imports and protect the domestic steel industry.
The anti-dumping regime is welcomed by the Indian steel industry despite some strong opposition from other countries. Expressing his view on the new announcement, Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI), said, “The Indian steel industry is pleased that the notification is come in due time and is in line with the recommendations made after the detailed examination and report by Directorate General of Anti-Dumping and Allied Duties (DGDA) on 10th April, 2017. The protection for five years will certainly offer long term benefits to Indian steel mills, as the domestic producers will be guarded against cheap imports.
Although DGAD had given its recommendation a month back, the finance ministry notified definitive anti-dumping duty on 11th may 2017 and applicable from the date of imposition of provisional anti dumping duty i.e. 8th August 2016.
“India is contending to take over the second position from Japan by next year, as the largest steel producer in the world, and such measures will have positive impact on restricting imports and increasing domestic production. The Anti Dumping regime is World Trade Organization compliant and supports the New Steel Policy 2017.” Mr. Turakhia added.
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“The National Steel Policy 2017 is a Road Map of the Future, and can deliver more” says Nikunj Turakhia, President of SUFI1
Mumbai, 05th May 2017: In a major boost to increase production capacity by 2030, the Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the much awaited new National Steel Policy on Wednesday, which plans an investment of upto Rs 10 lakh crore. The new announcement brings a breadth of fresh air for the sector that has been struggling to keep pace with growing steel demands of India, leading to imports from countries such as China & Japan.
As per the mandates of NSP 2017, all government tenders will give preference to domestically manufactured iron and steel products -a step in right direction and augur well for local steel manufacturers, steel users and steel trade in general. The policy offers foundation where diverse steel manufacturers and consumers can get behind a national plan for sustainable development of steel industries.
As India mobilizes to carry out the 2030-31 target of crude steel capacity of 300 million tonnes (mt) and per capita consumption of 158kg of finished steel, the policy encourages adequate capacity additions, cost efficient production, assured acquisition of raw materials, facilitating foreign investments and enhancing domestic steel demand, all leading to healthy economic growth.
“The new policy has come at a crucial time,” said Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI) said, “The policy is a fitting preposition addressing some of the major concerns faced by the steel industry of India. It supports the objectives of steel associations and defines steel industry as a priority for the future of national economic growth. Addressing the key challenges that the industry has faced in the past few years, with major chunk of the pie enjoyed only by the big players, the policy notably points out sustainable growth for small players, with a focus on efficiency.”
“The NSP2017 is a road map for future, and the association is confident that it can deliver even more than what it promises. We must revitalize and be able to adequately utilize its benefits.” he further adds.
The NSP 2017 is an effort to steer the industry to achieve its full potential, enhance steel production with focus on high end value added steel while being globally competitive. Furthermore, the new policy will also power-up India’s race to grab the second position from Japan as the largest steel producer by 2018-19.
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Steel Group & SUFI Holds 5th Galvanizing Coating & Profiling Summit Goa 2017
Goa, Friday, April 08th 2017: Steel Users Federation of India (SUFI) conferred with Steelgroup.co.in for their 5th edition of Galvanizing, Coating & Profiling (GCP) Summit held on April 7th at Zuri Resort, Salcete, Goa. Emerged as the premium event for the steel industry, the information packed day covered various topics aimed at informing stakeholders on relevance at all levels of the GCP industry.
The key note speech was presented by Mr. Nikunj Turakhia- President (Steel Users Federation of India), among VIPs present, including Mr. Jubin Thakkar- Managing Director (Colour Roof India Limited), Mr. Mitesh Shah –MD (Steelco Gujarat Ltd), Mr. Pradeep Agrawal V- Chairman (Asian Colour Coated Ispat Ltd), Mr. Rajesh Mehrotra- M.D. (Berger Becker Coatings Pvt. Ltd.), Mr. Mitesh Prajapati- Director (Sameer Steel), Mr. R.V. Sridhar - CEO (Essar Steel Pune Facility).
Mr. Nikunj Turakhia, President of SUFI said, “Innovative usages of coated steel at the centre of its theme, the GCP Summit provides focused platform for knowledge sharing, connect with leading industry players and opens corridors for panel discussions concerning the steel industry of India. Ever since the first summit, the event has proved to be highly beneficial in exploring new opportunities and technologies for steel manufacturers, users, processors and service providers.”
“We are honoured to be associated with India's first and only conference on coated & galvanized steel products, an event of such a high prominence that offers unparallel business opportunities and brings key decision makers of Indian GCP industry under one roof” added Mr. Turakhia.
The conference witnessed national and international speakers presenting on various innovations in the field of coated steel across the globe. Topics covered in the event were Strengthening Coated Steel Demand Post Demonetization, Impact and Solution, in a panel discussion followed by sessions on New Opportunities, Innovation and Technology.
This year the event focused user segment thus providing best results to business and understand challenges & opportunity in downstream processing of steel, coating, and profiling areas globally. Some of the industry’s top players participated were Essar Steel, JSW Steel, Colour Roof India Limited, Berger Becker Coatings Pvt. Ltd, Al Ghurair Iron & Steel LLC, Henkel India, Inductotherm USA, Danieli India Limited, Bhushan Steel Limited etc. are participating. With more than 300 delegates across steel industry from over 10 different countries, the day of the summit was filled with leading edge information and innovation in the GCP sector of India.
In comparison to previous summits, the organizer Steelgroup.co.in added an edge to exhibition opportunity with an aim to provide best support to GCP exhibitors. The event provided maximum footfalls to any technology & equipment suppliers, as the stall area was expanded this year.
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