STEEL MIP on steel products: PMO to discuss with ministries

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New Delhi | Published: June 9, 2016 10:35:22 PM

A final decision on the issue of extension of minimum import price (MIP) on 173 steel products will be taken after a detailed discussion with the Prime Minister's Office (PMO).

SteelIn February, giving relief to domestic steel producers against cheap in-bound shipments, the government had imposed the MIP on 173 steel products ranging between $ 341-752 per tonne for six months. (PTI)

A final decision on the issue of extension of minimum import price (MIP) on 173 steel products will be taken after a detailed discussion with the Prime Minister’s Office (PMO).

It will also consider the demand made by several domestic steel companies to increase the number of products covered under the MIP, a person in know of the development said.

Also Read: India, China spar over steel dumping https://www.financialexpress.com/article/economy/india-china-spar-over-steel-dumping/279131/

“Various firms and industry bodies have approached the steel ministry as well as the PMO over the issue of MIP.

There are diverging opinions on its continuity and the government has to walk the fine line over this. PMO will soon hold discussion on this with ministries of Steel, Finance and Commerce as well as other stakeholders,” a senior government official said.

In February, giving relief to domestic steel producers against cheap in-bound shipments, the government had imposed the MIP on 173 steel products ranging between $ 341-752 per tonne for six months.

The move has helped to check import of cheap steel products in India from countries such as China, which has been eroding the margins of domestic producers.

Last month, Steel Secretary Aruna Sundararajan has said that MIP is constantly reviewed and the government has no intention to continue it unless ‘strictly necessary’.

“MIP is certainly under constant review because we do not intend to continue MIP unless it is strictly necessary.

So if industry is coming back to a healthier position and if global prices continue to stay where they are, then yes, definitely MIP will be reviewed,” she had said.

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