In order to protect domestic steel industry from increasing influx of cheap imports from China, Japan, and Korea, Indian government is likely to impose Minimum Import Price (MIP) on steel.
As per the market sources, proposal for MIP on steel has been sent to PMO (Prime Ministers Office). Also yesterday, Commerce minister Ms. Nirmala Sitharaman have met representative of steel mills association.
In September, India imposed a safeguard duty of 20 per cent on imported HRC to protect the domestic industry. Yet, that was not enough to prevent the excess dumping of cheap steel products by major steel producing nations.
Demand for domestic HRC increases
Demand for domestic HRC has increased in last few days after Indian government indicated that steps will be taken to curb steel imports. According to sources some manufacturers are even planning to increase their HRC prices by around INR 1,000/MT in coming month.
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