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India's steel ministry to seek extension of floor price on imports

Thu 9th June, 2016 12:03pm
By Sankalp Phartiyal 
    NEW DELHI, June 9 (Reuters) - India's steel ministry will 
seek to extend a floor price on steel imports beyond August, a 
senior steel ministry source said, as the country looks to keep 
up its protectionist barriers to stem the tide of cheap foreign 
    New Delhi imposed the minimum import price (MIP) on 173 
steel products in February, helping cut inbound shipments last 
month to their lowest level in at least 14 months. The MIP 
expires in August.  urn:newsml:reuters.com:*:nL4N18Y3U8 
    The steel ministry will call for the extension of MIP for as 
long products are being dumped in India, the official, who 
declined to be named as he was not authorised to speak to media, 
told Reuters. 
    India is the world's third-largest steel producer with a 
total installed capacity of 110 million tonnes. But the industry 
says its margins have been squeezed due to cheap imports from 
China, as well as Russia, Japan and South Korea. 
    To shield domestic mills, India in March extended safeguard 
import taxes on some steel products until 2018 and has begun 
probing the possible dumping of cheap steel from China, Japan 
and South Korea.  urn:newsml:reuters.com:*:nL3N1721YX urn:newsml:reuters.com:*:nL3N17E41H  
    Last month it also imposed a provisional anti-dumping duty 
on seamless tubes and pipes imported from China. 
    Countries including Japan, Taiwan, Canada and Australia have 
accused India of restrictive trade practices with the country's 
steel import policies drawing wide criticism at the World Trade 
Organization (WTO).  urn:newsml:reuters.com:*:nL5N17I4SY 
    A spokesman for the steel ministry said it was premature to 
discuss floor prices while the trade ministry, which decides 
whether MIP remains beyond August, was not immediately available 
for comment. 
    Recommendations that follow detailed investigations are 
generally accepted by the trade ministry. 
 (Editing by Douglas Busvine and David Evans) 
 ((sankalp.phartiyal@thomsonreuters.com; +91-11-49548033; 
Reuters Messaging: 
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