PSU PRESS RELEASE
Steel industry wants minimum import price regime extended
NEW DELHI, JULY 8: With less than a month to go before the minimum import price (MIP) on 173 steel products expires, the domestic industry has written to the Ministry of Steel seeking its extension. The MIP has provided some relief to the industry in the past five months.
“We have written to the Steel Ministry as an industry, the Indian Steel Association has sent the letter requesting an extension of the MIP. Imports are still at around half a million tonne a month which was the level it was before the last year. I think 6-7 million tonnes a year is a sizeable amount of imports,” said TV Narendran, Managing Director, Tata Steel.
According to official data, in the first quarter of fiscal 2016-17, India imported 1.79 million tonnes of steel compared with 2.59 million tonnes in the previous fiscal. However, as compared with 2014-15, the steel imports are six per cent higher.
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