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MIP to take care of interests of secondary steel players-The 17th China(Guangzhou)Int’l Metal &Metallurgy Exhi
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12/30/2015 Metal &Metallurgy expo |
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Financial Express reported that even as a minimum import price for steel is likely soon, steel minister Mr Narendra Singh Tomar on Monday said that any move to rein in the rising imports would be taken keeping in mind the interest of all kinds of producers large, medium and small.
Mr Tomar told FE “The Indian government is considering the MIP issue given the current state of affairs of the domestic steel industry. The commerce ministry is vetting the proposal now. The government is there to look after the benefits of all kinds of producers. We believe that if the big industries survive, then the small industries would survive and vice-versa. They play complementary role to each other.”
The proposed move, which is an attempt to put a brake on burgeoning and cheaper steel imports from China, Japan and Korea, would fix a minimum import price on a host of products below which no imports would be allowed and thereby, prohibit large-scale cheaper imports.
While the proposed move is likely to benefit large players such as JSW Steel, Tata Steel and SAIL among others, it would certainly not help the secondary steelmakers, which produce more than half of India’s annual output, since these firms largely depend upon the imports of semis, slabs and billets for production, industry watchers say.
-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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