New Delhi, India
The minimum import price (MIP) for steel imposed in February 2016 for six months has been extended by another two months from 5th August 2016 to 4th October 2016.
Indian government had imposed the tariff measure on 173 steel products to curb in cheaper imports from China, Japan and Korea on 4th Feb 2016 in the range of $341-$752/MT.
However, number of products that will come under MIP is trimmed down to 66. On rest of the products (HR Coil, CR Coil, HR Plates, HR Sheets) government is going to set a provisional anti dumping and safe guard duty.
According to government’s data, in the first quarter of fiscal 2016-17, India imported 1.79 million tonnes of steel compared with 2.59 million tonnes in the previous fiscal. However, as compared with 2014-15, the steel imports are six per cent higher.
Key Points
1. No change in MIP value
2. Imports under advance authorisation scheme is exempted from MIP
3. 107 (173 minus 66) products which are kept out of MIP are HRC, CRC, HR Sheets, HR Plates, which will attract anti dumping and safe guard duty
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