India’s Ministry of Commerce and Industry has announced a minimum import price for steel imports, valid for six months from the date of notification, February 5, or until further announcements.

Imports covered by letters of credit already entered into before the date of notification will be exempt from the minimum import price implementation.

The minimum steel import prices for steel billets, reinforcing bars and wire rods are as follows:

• Billets                      : $362/ton
• Reinforcing bars   : $449-451/ton
• Wire rods                : $449-451/ton