Indian Steel Association moves top court over steel MIP row

New Delhi, Apr 23 (KNN) The Indian Steel Association (ISA) has approached the top court seeking transfer of various petitions challenging validity of the Centre's notification fixing minimum import price (MIP) for iron and steel products.

The government on February 5 imposed MIP in the range of $ 341 to $752 per tonne on 173 steel products for six months due to which the downstream steel industry was upset.

A bench headed by Justice AK Sikri posted the matter for hearing on May 12 after it was told that the ministry of steel has also filed a similar petition seeking transfer of various petitions from high courts of Punjab and Haryana, Himachal Pradesh and Delhi.

They want the transfer of petitions to avoid conflicting views by different HCs on the issue.

The petition mentioned that due to MIP, India has turned into a net steel importer from net steel exporter. The pricing mechanism coupled with a subdued global steel sector, has pushed the Indian steel sector to the brink of an existential crises. (With Inputs from media reports)