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Indian government yet to decide on MIP for steel- THE 17th Guangzhou International Platemetal, bar, wire, metal processing & setting equipment exhibition
1/20/2016 platmetal,bar,wire, & setting equipment expo |
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The Financial Express reported that India’s commerce secretary Ms Rita Teaotia said on Monday that the Indian government hasn’t yet decided on whether to fix a minimum import price for steel, as it is in the process of assessing arguments of various stakeholder
She told "On the MIP on steel, there has been a lot of discussions on the steel sector and the difficulties being faced by the integrated steel units. There is also the downstream sector, which has been representing and arguing for their continuing access to low cost imported steel to balance the domestic supplies. A decision on the matter "is to be taken by the government.”
She added “Despite the increase in steel imports, 85% of demand is still being met domestically. Most of the steel producers are also running at 80% of their capacity.”
While steel producers seek such a curb, especially to guard against dumping, consuming industries want the continuation of cheaper imports.
The government has already imposed a 20% safeguard duty on steel imports until March 2016, and has raised the peak customs duty to 15% this financial year from 10%. However, the steel ministry is reported to have sought even a further hike in the customs duty to 25%, arguing that the measures already taken haven’t succeeded in containing massive imports. The country’s steel imports have surged by 29% during the April-December period, primarily due to “predatory pricing” by countries like China.
- THE 17th Guangzhou International Platemetal, bar, wire, metal
processing & setting equipment exhibition
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