Domestic steel makers push for continuation of minimum import price

KOLKATA: Large domestic steel makers are pushing for a continuation of minimum import price, a measure that has helped cut cheap imports and firm up steel prices in the home market. The protectionist measure, introduced by the government in February on 173 steel items for six months, is due to end on August 5. Big players like JSW, Tata SteelBSE 2.48 % and state-owned Steel Authority of IndiaBSE 5.31 % (Sail) want MIP to continue as it has helped them improve their margins by reining in steel imports in the last nine months. While the government may consider the option of continuing with it for some more time, there is speculation that the list of products under MIP could be snipped. A call on this will be taken by the PMO after discussions with the ministries of steel, commerce and finance. "While the steel industry is arguing for an extension of MIP, the rollover would remain a formidable decision for the government," Ind-Ra said. Source: Economic Times