Govt raises the wall for steel imports
MINIMUM PRICES IMPOSED FOR 173 GRADES OF STEEL IMPORTS FOR 6 MONTHS INITIALLY
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