The impact of Minimum Import Price (MIP) announced on 5 Feb’16 can be seen after three months with the fall in India’s flat steel imports in May 2016.
As per the country’s provisional customs data, India’s total HRC/plates imports (under HS code 7208) and CRC imports (under HS 7209) have registered a fall of 14% in May’16 against previous month.
India’s HR and plates imports under HS code 7208 in May’16 stand at 1,83,863 tonnes which was recorded at 2,12,172 tonnes in Apr’16. Similarly, India’s CRC imports under HS code 7209 stood at 37,796 tonnes in May’16 against 46,434 tonnes in Apr’16.
In May’15, India’s HRC and plates imports stood as high as 3,61,725 tonnes while CRC imports were at 84,602 tonnes.
In an exclusive interview* with Steel 360 magazine -an arm of SteelMint, Union Minister of Steel & Mines, Mr. Narendra Singh Tomar assured that government is keeping close watch on steel imports and may extend MIP beyond six months if required.
Also Indian government has initiated its anti-dumping duty investigations on imports of HRC and CRC from countries including China, CIS countries, and South Korea. These measures indicate that imports are likely to get restricted further in coming months.
Source: Customs Data
*To read the full interview, subscribe to Steel 360 – Monthly Steel Magazine. You can also send your name and complete address to +919039466000.
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