Minimum import price of steel to go

MIP on 19 products is expiring on February 4. Nothing will be done after that, says Steel Minister

With steel import declining and domestic consumption picking up since the imposition of minimum import price (MIP) in February last year, the Ministry of Steel has no plans to continue with the measure.

“MIP on 19 products is expiring on February 4. Nothing will be done after that,” Steel Minister Chaudhary Birender Singh told Business Standard. “We have been supporting the domestic steel producer segment for more than a year and have done whatever we could. We have acted timely but that does not mean these protective measures can go on forever.” 

Singh was speaking on the sidelines of the 25th meeting