India imposes Minimum Import Price on 173 steel products ranging from USD 341 to USD 752 which is valid for six month from date of notification
The Directorate General of Foreign Trade (DGFT) declared in a notification (http://dgft.gov.in/exim/2000/NOT/NOT15/Notificaiton%20No.38(E).pdf)
As per notification MIP are imposed on following items (summary)
| Items |
MIP Price wef 05.02.16 |
Current Price CIF India |
| Ingot/Billet |
362 |
265-270 |
| Bloom |
352 |
255-260 |
| Slab |
341 |
240 |
| HR Coil |
445 |
300-320 |
| Plate |
500 |
290-300 |
| CR Coil |
500-560 |
325-370 |
| Bar and rods |
449-455 |
320-330 |
Notification cover all major flat steel products from CH 7208 , 7209, 7210, 7225, 7212 with MIP in range of USD 445-560/MT
Long Steel Bar and Rods Category HS Code are: 7213, 7214, 7227 MIP in range of USD 449-455/MT
Notification clarify that MIP is exempted for all API Grade steel conforming to X-52 and higher API grades for manufacturing pipes used for pipeline transportation system in the petroleum and natural gas industries
Industry participant believes the move will curb the steel import and give cushion to steel industry and its a brave move by Indian government to support local steel industry .
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