The Supreme Court yesterday stayed all proceedings in several high courts over the MIP on steel products. Sources reported that at least 5 cases have been kept on pending before the high courts, including Delhi, Punjab, Haryana and Himachal Pradesh HCs.
In order to resolve this, the union government appealed the SC to transfer these cased to only one court for the hearing. Following this, a bench comprising justices A K Sikri and R K Agrawal issued a notice to steel importers and consumers in the case to hear arguments on whether the cases ought to be transferred.
Recently in Apr’16, the Delhi HC rejected the petition filed by Steel Wire Manufacturers Association of India (SWMAI) against the imposition of MIP on wire products and passed the order to continue MIP till the date fixed by the government.
The Indian government had fixed MIP on 173 steel products in the range of USD 341-752/MT on 5 Feb’16, which is valid for the six months from the date of imposition; will end in the month of July.
In terms of total steel import, post MIP, India has imported 369,400 MT of bar and rod (both alloy and non-alloy) till April under code 7213, 7214 and 7227.
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