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Trade Impacts of Minimum Import Prices: Evidence from the Steel Industry in India

Author

Listed:
  • Hayakawa,Kazunobu
  • Kao,Kuo-Feng
  • Mukunoki,Hiroshi

Abstract

Unlike those of other import-restrictive measures, the trade effects of minimum import prices (MIPs) are not widely known because of their low use in the past. To examine the effects of MIPs, we empirically investigate those introduced in the steel industry in India in 2016. One unique feature of this case is that during the effective period of MIPs, India also raised import tariffs and introduced safeguards and antidumping (AD) measures for some steel products. Therefore, examining this case offers a rare opportunity to empirically compare the trade effects of various import-restrictive measures. Specifically, we use monthly import data on India’s steel industry from January 2014 to December 2016. The robust results showed that MIPs increased import prices and reduced import quantities, resulting in a decrease in total value. By contrast, other import-restrictive measures, including import tariffs, safeguards, and AD measures, did not show robust and significant effects. These results may indicate a relatively strong effect of MIPs on trade among import-restrictive measures.

Suggested Citation

  • Hayakawa,Kazunobu & Kao,Kuo-Feng & Mukunoki,Hiroshi, 2026. "Trade Impacts of Minimum Import Prices: Evidence from the Steel Industry in India," IDE Discussion Papers 1015, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    • Handle: RePEc:jet:dpaper:dpaper1015
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    File URL: https://ir.ide.go.jp/record/2002072/files/IDP001015_001.pdf
    File Function: First version, 2026
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    Keywords

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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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