Government may alter minimum import price list for steel sector – Feedback

Government may alter the list of steel items that attract a minimum import price if the country decides to continue with the protectionist measure beyond August, steel secretary Aruna Sundararajan said.

Government imposed the minimum import price (MIP) on 173 steel products in February, helping cut inbound shipments last month to their lowest level in at least 14 months. The MIP expires in August. The country is the world’s third-largest steel producer, with a total installed capacity of 110 million tonnes. But the domestic industry says its margins have been squeezed due to cheap imports from China, Russia, Japan and South Korea. India is currently carrying out an anti-dumping probe against imports of certain steel products from some countries.

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