On April 12, the Indian government will review the minimum import price (MIP) on steel, its impact on controlling inward shipments and the option of extending the import protection to cover stainless steel products, an official at India’s Ministry of Steel said on Wednesday, April 06.
The ministry official said that a special committee comprising representatives of the Ministry of Steel, the Ministry of Commerce, the Central Board of Excise and Customs (CBEC) and the Department of Revenue at the Ministry of Finance will meet next week to assess the impact of the MIP levied in February, the actual data on inward shipments and shipment volumes during the last few months.
The committee in the course of its review will also explore the option of extending the MIP to stainless steel products, which were been kept out of its purview at the time of its imposition, the official said.
The MIP was imposed in February 2016 for a period of 6 months and the review will consider continuation of the levy on a long term basis as in case of the 20 percent safeguard duty which was already extended until March 2018, the official said.