The government today fixed a minimum import price (MIP) of up to USD 752 per tonne on certain steel products to protect domestic players from cheap imports.
"MIP is introduced as against 173 HS Codes (products)," the Directorate General of Foreign Trade (DGFT) said in a notification.
DGFT said the MIP conditions laid down in the notification are valid for six months and imports under the Advance Authorisation Scheme are exempted.
Imports will not be allowed below the prescribed minimum import price.
The duty on these items ranges from USD 341 per tonne to USD 752 per tonne.
While products such as sheets and strips of flat-rolled products attract an MIP of USD 445, that of flat-rolled and coated products is USD 752.
The domestic steel industry is mainly worried about cheap imports from China. However, the downstream industry that uses steel has been opposing such move.
