Minimum import price must continue, says Tata Steel MD


Calcutta: The minimum import price (MIP) imposed by the government to stop the deluge of cheap steel imports has been “useful” and is “something useful to have,” the director said on Saturday. General of Tata Steel, TV Narendran.

“From a steel industry perspective, the MIP has been helpful. The government is in the process of evaluating it. There are different views of different end use industries. ) is something useful to have.

“The government should continue with this (MIP),” he said.

In February, the government imposed the MIP condition on imports of 173 steel items for six months. In March, it also extended the safeguard duty on imports of HRC (Hot Rolled Coil), placed in September 2015, until March 2018.

“If the MIP is withdrawn, we have a duty to safeguard. So there is some support for us,” said Narendran, who is also the eastern region chairman of the CII chamber of industry.

Industry sources have said, however, that India could be taken to the World Trade Organization on charges of being anti-trade, if the PIM is extended.

But Narendran said: “What India has done is no different from what a lot of other countries have done. The United States has imposed more than 500% import tariffs on steel imports into the United States. is not sold on the basis of market economy factors. ”

Every government must therefore respond to a call, he said.

According to him, international steel prices have been volatile. It increased in February-March-April, then went down again for a month or two and now it is going up again.

“The steel industry continues to be volatile. Until the world learns to manage the excess capacity in China and China takes care of its additional capacity, we will have to deal with this volatility,” he said. he declares.

Regarding Tata Steel’s Kalinganager plant, Narendran said: “It’s a three mtpa plant to start with, we are increasing the capacity. In the steel industry there is always excess capacity, our job is to be competitive and to be one of the cost producers of steel in the world that we are. We are not slowing down our Kalinganagar project.

(This story was not edited by NDTV staff and is auto-generated from a syndicated feed.)

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