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Indian Steel Association seeks 6 month extension on MIP on 66 products-The 18th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
9/29/2016 Stainless Steel Exhibition |
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Economic Times reported that Indian Steel Association, a lobby group of leading domestic steel majors, has requested the government to consider extending the minimum import price regime for some steel items notified in August this year for another six months.
Mr Sanak Mishra secretary general of ISA said that “The situation with respect to import prices of the 66 HS codes covered under the August 4, 2016 remains low and as per ISA understanding these prices operate on a predatory level. Demand for these products have not picked up domestically. The situation would be affected adversely if these are now imported at dismally low prices leading to an unwarranted glut in the domestic market.”
He added that India steel industry is not asking for protection but for fair competition for these products in the domestic market.
ISA said that “While petitions for anti dumping and other steel products would be taken up concomitantly and take its due course of process it is imperative that the August 4, 2016 MIP notification is extended for a period of six additional months. Unless this is done issues pertaining to global overcapacity emanating mainly by China would recreate pressure on Indian steel markets, it added. The situation is reaching crisis proportions which is why it said there is global consensus building up to ho old China accountable for its commitment to take swift steps to reduce excess capacity.”
-The 18th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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