The government will examine domestic steel companies' demand for imposing minimum import price MIP ) on the metal, an official said.In a meeting on February 6, major steel players , including state-owned Steel Authority of India Ltd ( SAIL ) and JSW Steel, requested the steel ministry to impose an MIP on all steel products, amid a surge in imports from countries such as Indonesia and rising raw material costs, which are putting pressure on margins.The MIP is the rate below which no imports are allowed. "The situation has to be examined carefully. The ministry will first examine then only take some action," a steel ministry official said when asked whether the ministry is in favour of imposing MIP on steel imports.The official, who did not wish to be named, added: "Everything happens after examination. If there is a requirement, we will definitely do it. "In the meeting, the companies requested the steel ministry to implement and enforce an MIP on all steel products as implemented in February 2016.The players have said steel imports have increased due to trade diversion from China, Japan and South Korea.

Source: Economic Times February 17, 2019 06:33 UTC