India extends MIP on 66 Steel products for 2 months

INDIA October 05 2016 5:06 PM

MUMBAI (Scrap Register): India has decided to extend the Minimum Import Price (MIP) on 66 steel items for a further period of two months till December 4, 2016. MIP regime was supposed to come to an end on October 4, 2016. This is the second, it was introduced for a six-month period in February 2016. It will apply to steel items like billets, bars, wire rods, and coated steel.

The list of steel products under MIP included 173 items, which was truncated to include 66 items as per notification issued on August 4, 2016.

The domestic steel industry is expecting a boost with the government decision. Last week, Indian Steel Association (ISA) had requested the government to consider extending the minimum import price (MIP) regime notified in August this year for another six months.