India’s Ministry of Steel shelves moves to impose MIP

Monday, 04 March 2019 11:35:25 (GMT+3)   |   Kolkata

India’s Ministry of Steel has ruled out the imposition of a minimum import price (MIP) for inward shipments of various steel products, according to a statement from the ministry.

The ministry said that, while a section of the steel industry made representations seeking imposition of an MIP, the government did not feel that there was any immediate need for such a move.”

In a statement to local media, India’s steel minister Birendra Singh stated, “My personal view is that general steel consumers should not feel the pinch of high prices.”

“If the steel industry feels the need for more support, we are ready for it. But there is not going to be any MIP. You can use the word ‘shelved’”, Singh said.

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