Media sources reported that Indian government may notify MIP on steel products today. However, SteelMint spoke to presidents and officials of various steel association and gathered that there is no confirmation on this.
As per media sources, it is expected that Indian government may notify MIP on certain steel products today. However, SteelMint while speaking to officials of steel industry has inferred that there is no confirmation in this context.
Media sources mentioned that the government could levy USD 360/MT on semi finish slabs and USD 450/MT on hot rolled steel products.
In addition to this, it is also heard that the government could also put MIP of USD 500-550/MT on cold rolled products and USD 660/MT on coated flat steel products. The notification does not have a timeline and could also have a provision for bi-monthly review of MIP. Sources also mentioned that the impact of this will only be visible in 6 months.
The government has been considering MIP in order to safeguard domestic steel industry from low-priced imports from China, Japan and Korea. Import from these nations have seen 29.2% growth till December of FY16. In FY15, import had increased by 75.5%.
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