India’s Directorate of Foreign Trade under the Ministry of Commerce has announced that the central government of India has extended the applicability of the minimum import price (MIP) regime until February 4, 2017.
The minimum import price (MIP) regime covers flat rolled products of iron or non-alloy steel of a width of 600 mm or more, clad, plated or coated, flat rolled products of other alloy steel of a width of 600 mm or more and flat rolled products of iron or non-alloy steel of a width of less than 600 mm, clad, plated or coated. The floor price of the MIP for the given products stands at $643/mt or $752/mt depending on the product.