Govt raises the wall for steel im­ports

MIN­I­MUM PRICES IM­POSED FOR 173 GRADES OF STEEL IM­PORTS FOR 6 MONTHS INI­TIALLY

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The govern­ment has im­posed min­i­mum im­port prices (MIPS) on spe­cific steel prod­ucts to pro­tect do­mes­tic play­ers from cheap im­ports from China and other coun­tries. 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.

The move, how­ever, would not ap­ply to the stain­less steel sec­tor. Also, 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. But a govern­ment of­fi­cial said th­ese may be ex­tended fur­ther.

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 600

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