The government today 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 USD 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.
The steel industry had been demanding for the 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 USD 341 to USD 752 per tonne, on 173 steel products for a period of six months.