Government Extends Minimum Import Price On Select Steel Products For 2 Months
Government extends minimum import price on 66 steel products for another two months.
To protect domestic industries from cheap imports, the government on Tuesday again extended the minimum import price (MIP) on 66 steel products for a period of two months.
"The Central Government hereby extends the applicability of MIP beyond 04/10/2016...for further two months, i.e., till 4th December, 2016," the Directorate General of Foreign Trade said in a notification.
The MIP ranges between $341-752 per tonne. The 66 products include semi-finished products of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods.
To guard domestic steel producers against cheap in-bound shipments, the government in February had imposed MIP, ranging between $341 to $752 per tonne, on 173 steel products for a period of six months.
The government in August decided to extend the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier.
Steelmakers had asked the government to extend minimum import price (MIP) on certain products, saying its imposition has marginally improved the industry's viability after a long period of subdued prices.
Accelerating imports at predatory prices from steel surplus countries like China, Japan and Korea have been a major concern area for the domestic industry since September 2014.
Post the imposition of MIP in February, the industry has been able to marginally improve viability after a long period of subdued prices and eroded profit margins, Indian Steel Association had said.