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ECONOMY
GOVERNMENT IMPOSES MINIMUM IMPORT PRICE ON 173 STEEL ITEMS
February 7, 2016
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1.The government has imposed a minimum import price (MIP) ranging from $341 to $752 per tonne on 173 steel products to provide relief to local steel makers hurt by an increase in cheap imports of these items.

2.A notification of the Directorate General of Foreign Trade (DGFT) said, “MIP is introduced against 173 HS Codes (iron and steel products).”

3.The MIP conditions are valid for six months from the date of the notification (February five) or until further orders, whichever is earlier, it said. However, the MIP will not be applicable on imports under the advance authorisation scheme and high-grade pipes used for pipeline transportation systems in the petroleum and natural gas industry. The notification said imports/shipment contracts (under Letter of Credit) entered into before February five are also exempted from the MIP conditions.