No extension of MIP for 19 colour-coated steel products: Govt

The government today said there would be no extension of protectionist minimum import price (MIP) on 19 colour-coated steel products.
The development comes a day after Steel Minister Chaudhary Birendra Singh stated that industry must gear up to face global competition as protectionist measures like MIP and anti-dumping can not continue indefinitely.
"There would be no extension of MIP on 19 colour-coated steel products," Steel Secretary Aruna Sharma said.
The government had imposed minimum import price (MIP) on these 19 products, which are mainly colour-coated steel items, till February 4.
However, the government may impose anti-dumping duty on these 19 colour-coated steel products if required, Sharma said.

"The steel ministry would watch and if required necessary action would be taken (on 19 colour-coated steel products)," she said.

Last month, the government had said that it may impose anti-dumping duty on 19 colour-coated steel products with a view to protect domestic players from cheap inbound shipments and give a fillip to the sector.
"The MIP was on 173 items. We have brought it down to 19. Rest of them, we have converted into anti-dumping. Anti-dumping will continue as the evidences are there," the Steel Secretary had earlier said.
The 19 products include semi-finished products of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods.

For the first time, MIP was imposed in February last year on 173 items. But, later on the number of products were reduced.
Steel makers had urged the government to extend MIP on certain products, saying its imposition has marginally improved the industry's viability after a long period of subdued prices.
Accelerating imports at predatory prices from steel surplus countries like China, Japan and Korea have been a major concern area for the domestic industry since September 2014.
Post the imposition of MIP in February, the industry has been able to marginally improve viability after a long period of subdued prices and eroded profit margins, Indian Steel Association had said.