DGFT extends MIP on 66 steel products for a period of 2 months

New Delhi, Aug 5 (KNN) Protecting the domestic industries from cheap imports, the government has extended the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier.

The MIP ranges between USD 341-752 per tonne.

"MIP for 66 (steel products) is extended till October 4 this year," Director General of Foreign Trade (DGFT) has said in a notification.

However, “Imports under Advance Authorisation Scheme are exempted from Minimum Import Price (MIP) under this Notification,” it said.

MIP conditions laid down in this Notification are valid for two more months with effect from 05/08/2016 or until further orders, whichever is earlier, the notification added.

The steel industry had been demanding for extension of the MIP. However, the downstream industry which mostly consists of micro, small and medium enterprises (MSMEs) has been opposing the MIP stating that their inputs costs have gone up making their products non-competitive. (KNN Bureau)