New Delhi: The government on Thursday announced new measures to ease rules for import of steel grades not covered under Quality Control Orders (QCOs), apart from approving extension of certain exemptions after reviewing the concerns submitted by industry participants. 

In order to streamline the regulatory framework governing steel imports and to facilitate ease of doing business, the Ministry of Steel undertook a review of the existing import-related requirements. It also reviewed the requirement for obtaining clarification or No Objection Certificate (NOC) from the Ministry of Steel for import of steel grades not covered under any QCO.

“Based on the recommendations of the High-Level Committee on Non-Financial Regulatory Reforms (HLC-NFRR), it has been decided that steel grades not covered by any Quality Control Order will no longer require clarification or NOC from the Ministry of Steel,” according to an official statement.

All steel grades not covered under any QCO — across all HSN Codes relating to the Ministry of Steel — have been mapped on the Steel Import Monitoring System (SIMS) Portal. Importers may directly generate SIMS numbers for such non-QCO grades through the Portal without seeking any reference or approval from the Ministry of Steel, the statement added.

As per the Quality Control Orders issued by the Ministry of Steel, all grades of steel covered under the Orders are required to be imported only from manufacturers holding valid and operative BIS licences for the relevant grades.

In cases where import of QCO-covered steel grades is proposed from manufacturers who do not possess BIS licences, an exemption mechanism is already in place and such applications are examined by the Committee constituted on May 14, 2020.

The Committee, comprising representatives from the Bureau of Indian Standards (BIS), Directorate General of Foreign Trade (DGFT) and domain experts, will continue to examine applications and decide on granting exemptions for import of QCO-covered steel products manufactured by non-BIS licensee units, said the ministry.

Also, based on representations received from industry, the Ministry had earlier granted exemption from mandatory QCO compliance for specified Chapter 73 steel products for imports with Bill of Lading having shipped on board date on or before 31.10.2025.

“This exemption has now been extended to imports with Bill of Lading having shipped on board date on or before 31.03.2026,” according to the ministry. The ministry had earlier exempted three Indian Standards applicable to stainless steel flat products — IS 6911, IS 5522 and IS 15997 — for imports with Bill of Lading having shipped on board date on or before 31.12.2025.

“This exemption has now been extended to imports with Bill of Lading having shipped on board date on or before 31.03.2026,” it added.

Seoul: South Korea’s auto exports decreased 10.5 per cent from a year earlier in October, largely due to fewer business days caused by the extended Chuseok holiday, data showed on Thursday. 

The value of outbound shipments of automobiles came to $5.5 billion last month, compared with $6.2 billion the same month last year, according to the data from the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

The value of accumulated auto exports from January to October, meanwhile, reached an all-time high of $59.6 billion. The ministry said October exports were weak due to the fall harvest Chuseok holiday that fell in early October, unlike in 2024 when the traditional holiday fell in September.

Auto exports in September jumped 16.8 per cent on-year, the ministry said earlier. By destination, exports to the United States plunged 29 percent on-year to $2.12 billion in October, apparently due to the 25 per cent import tariffs imposed on Korean cars by the Donald Trump administration.

The Trump administration is expected to lower the tariff on Korean cars to 15 per cent as agreed in its trade deal with South Korea after the Seoul government submits a special bill to the National Assembly on the country’s planned $350 billion investment in the U.S. under the bilateral trade agreement reached late last month.

Finance Minister Koo Yun-cheol said Wednesday the government plans to submit the bill before the end of this month, which he said would allow local automakers to enjoy the reduced tariff rate retroactively from the start of the month of its submission.

Shipments to the European Union dipped 2.1 per cent to $746 million last month, and those to the Middle East contracted 13.5 per cent to $403 million. On the other hand, exports to Asia jumped 42 per cent on-year to $802 million, while shipments to Latin America advanced 23.7 per cent to $290 million.

By type, exports of eco-friendly cars, such as electric vehicles (EVs), hybrid cars and hydrogen cars, gained 0.9 per cent from a year earlier to 64,427 vehicles last month, amounting to a combined value of $2 billion.

In detail, shipments of hybrid cars climbed 3.9 per cent to 42,683 vehicles, and EV exports inched up 0.3 per cent to 19,247 units. Exports of plug-in hybrid cars dropped 30.8 per cent to 2,492 units.

At home, sales of automobiles went down 12.8 per cent on-year to 127,000 units in October.

Federal Investigation Agency (FIA) on Thursday thwarted an attempt by an Afghan national to travel to Europe using a forged residence card, intercepting the passenger at Islamabad Airport and taking him into custody.

According to FIA officials, the traveller identified as Janat Gul Niazi was scheduled to fly to France on flight PK-749 when immigration staff detected that he was carrying a fake Greek residence card.

Niazi, who hails from Afghanistan, was immediately offloaded from the flight after the document was found to be counterfeit.

The suspect has since been handed over to the FIA Anti-Human Trafficking Circle, Islamabad, where further investigation and legal proceedings are underway.