India slaps minimum import price on 173 steel products

Giving relief to domestic steel producers against cheap in-bound shipments, the government on Friday imposed a minimum import price (MIP) on 173 steel products ranging between $341 to $752 per tonne. “MIP is introduced against 173 HS Codes (iron and steel products),” the Directorate General of Foreign Trade (DGFT) said in a notification. The minimum price will remain in place for six months only. However, it will not apply on imports under the advance authorisation scheme and high-grade pipes used in the petroleum and natural gas industry. While the major steel producers hailed the government’s decision, the user industry cried foul, saying it would impact prices of raw materials. “We welcome this initiative. This measure will ensure a level-playing field to the Indian steel industry which has been adversely affected by dumped imports from various sources. We hope that this will suitably address the concern of surging cheap imports,” Shivramkrishnan, Chief Commercial Office, Essar Steel India, said.