Minimum Import Price (MIP) is a temporary measure to provide protection to domestic steel industry from predatory pricing of steel imports. Prices of steel goods after notification of MIP on 5th February, 2016 has shown favourable trend to domestic steel industry as mentioned below.
|Prices as on||TMT Bars||HR Coils||CR Coils|
|Prior MIP implementation|
|1st Feb. 2016||31674||30756||34213|
|Post MIP implementation|
|15th Feb. 2016||33673||33513||36750|
|1st Aug. 2016||29723||35030||38063|
|15th Aug. 2016||29478||35122||38987|
|1st Oct. 2016||32506||39572||41475|
|15th Oct. 2016||32447||37538||43313|
|1st Nov. 2016||32624||37938||41475|
(Source: Joint Plant Committee)
Some objections were received from some user industries and government has considered the same while imposing MIP.
Government has imposed preliminary anti-dumping duty on a number of steel products from other countries for a period of six months as per the following notifications:
- a) Notification No.44/2016-Customs (ADD) dated 8th August, 2016 imposing anti-dumping duty on Hot-rolled flat products of alloy or non-alloy steel falling under headings 7208, 7211, 7225 or 7226 originating in, or exported from People’s Republic of China, Japan, Korea RP, Russia, Brazil and Indonesia.
- b) Notification No.45/2016-Customs (ADD) dated 17th August, 2016 imposing anti-dumping duty on Cold-Rolled flat products of alloy or non-alloy steel falling under headings 7209, 7211, 7225 and 7226 originating in, or exported from People’s Republic of China, Japan, Korea RP and Ukraine.
- c) Notification No.51/2016-Customs (ADD) dated 2nd November, 2016 imposing anti-dumping duty on Wire Rod of Alloy or Non-Alloy Steel falling under headings 7213 and 7227 originating in, or exported from China.