India’s Ministry of Steel is finalizing plans for the imposition of a minimum import price (MIP) for flat steel products and stainless steel, government sources said on Thursday, February 7.
The sources said that, since the national budget placed before the Indian parliament last week did not increase import tariffs on steel products, the ministry has had to respond to several petitions from domestic steel producers to check the rising imports of steel products into the country.
In fact, the steel producers in their submissions pointed out that large volumes of shipments were being transacted, circumventing existing antidumping duties by misdeclaring product specifications, the sources said. They went on to state that flat rates of MIP on flat steel products and stainless steel will replace all existing safeguard duties that are in place for specific product segments and such a flat rate MIP will prevent circumvention of current import protection measures.
According to the sources, the ministry will finalize the rates of MIP but the final imposition will occur only after the proposal is ratified by India’s cabinet of minister.