Govt extends MIP on select steel products till February 4 – Feedback

To protect domestic steel industry from below-cost imports, the government on Sunday extended further the minimum import price (MIP) on 19 products for two months, till February 4.

“The Central Government hereby extends the applicability of MIP beyond December 4…for two months, till February 4, 2017,” the Directorate General of Foreign Trade said in a notification. The MIP ranges between $643-752 per tonne.The 19 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 in-bound shipments that are sold at below-cost rate, the government in February had imposed MIP, ranging between $341 to $752 per tonne, on 173 steel products for six months.

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