End of MIP may hit import-dominated steel sector

Steel companies imported 6 mn tonnes of coking coal in April and May, according to official data

The government imposed anti-dumping duties (ADDs) on import of certain varieties of steel products from China and the European Union earlier this week.
 
The minimum import price (MIP) on steel products that has cushioned the domestic industry for almost a year is to end on February 4, unless it is extended. It has helped the Indian industry to gain some ground against cheaper imports mainly from China, South Korea and Japan.
 
Sanak Mishra, secretary-general, Indian Steel Association, said MIP was temporary relief in a market inundated with cheap Chinese import. After its imposition in February, prices of indigenously