MIP impact on steel imports not as expected

Even though the minimum import price (MIP) levied on steel products helped check imports and shore up price realisation, its impact was “not as expected”, the Lok Sabha (LS) was informed on Friday. Current prices are still below the reference MIP prices and imports under the notified tariff lines, at below MIP, are yet to be arrested, either due to previously opened letter of credits or under advance authorisation scheme, minister of state for finance Arjun Ram Meghwal told the LS.