Govt extends MIP on 66 out of 173 steel products
To protect domestic industries from cheap imports, the government has extended the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier.
The MIP ranges between $341-752 per tonne. "MIP for 66 (steel products) is extended till October 4 this year," Director General of Foreign Trade Anup Wadhawan said in a notification on Thursday. The steel industry had been demanding for extension of the MIP.
When asked why the government has reduced the number of products, an official said: "We felt that only these 66 products require protection. The commerce ministry is already investigating dumping of certain steel products." 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 $341-752 per tonne, on 173 steel products for a period of six months.
On ingots and billets, blooms and slabs, the MIP reads $362, $352 and $341 per tonne, respectively. On flat-rolled products of iron or non-alloy steel of a width of 600 mm or more, clad plated or coated, the minimum prices will be $643 and $752 per tonne on different items. Similarly, bars and rods, hot-rolled in irregularly wound coils of iron or non-alloy steel, the figure stood at $449 per tonne and $451 per tonne on different products.