Government raises MIP of steel products to protect domestic players

New Delhi, Feb 6 (KNN) To protect domestic players from cheap imports from China and other countries, the union government on Friday imposed minimum import prices (MIPs) on specific steel products.

Integrated domestic primary steel producers such as Sajjan Jindal-led JSW Steel, Jindal Steel & Power, state-owned Steel Authority of India and Tata Steel would be among the largest beneficiaries.

This decision, however would not apply to the stainless steel sector.

Import for American Petroleum Institute (API)-grade steel used in the petroleum and natural gas industries are exempted from the MIP.

MIPs are valid for six months only, which could trigger uncertainty in the market.

For ingots, billets, blooms and slabs, MIP now stands at $362, $352 and $341 per tonne, respectively. Similarly, various flat-rolled products of iron or non-alloyed steel (of a width of 600millimetres or more) will now attract different MIPs - in the range of $445 to $752 per tonne. Hot-rolled bars and rods, of iron, non-alloyed steel as well as alloyed steel, will also face MIP of around $450 per tonne.

The MIP notification - issued by the DirectorateGeneral of Foreign Trade (DGFT) - is valid for six months. (KNN Bureau)