In an exclusive interview with Steel 360 magazine (June 2016 issue), Mr Narendra Singh Tomar, Union Minister of Steel & Mines assured the government is keeping a close watch on steel imports into India and MIP will be extended if required.
The government notified imposition of Minimum Import Price (MIP) on the 5th of February 2016 to check rampant import of various steel products in India from countries selling the material at unfairly low prices, such as China. In the months following the imposition, sharp price recoveries were seen across semis and finished products, however, prices did not shoot up unchecked given the intense domestic competition.
The MIP imposed on 173 steel products ranges from USD 341 to USD 752 and is valid for six months from date of notification. As the period approaches its end, whether the government will extend MIP is a subject of speculation. In answer to Steel 360, Mr Tomar said that MIP was imposed to benefit the steel industry and its extension is subject to its effectiveness at the end of the set period.
In the interview, Mr Tomar also discussed special steel production, demand, future plans for the steel sector, Make in India and other government initiatives sought to uplift the Indian steel industry.
To read the full interview, subscribe to Steel 360 – Monthly Steel Magazine. You can also send your name and complete address to +919039466000.
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