India has yet again extended the floor price of imports of steel products for a further two months as the government tries to protect the domestic industry from cheap overseas shipments, especially from China.

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The floor price, or the minimum import price (MIP), was introduced for six months in February, the first time the government had taken such a step in more than 15 years.

It was extended from its initial expiry in August to October 4, and then till December 4. 

ALSO READ: India extends steel floor prices to December 4 to curb cheap imports

The third extension until February 4, announced by the Commerce and Industry Ministry late on Saturday, is a sign India is growing increasingly protectionist as it tries to support local players in the world`s only major growing steel market.

Top domestic steel makers such as JSW Steel, Tata Steel and Jindal Steel & Power had lobbied the government hard to take more measures to protect margins from cheap imports from China, Japan and South Korea.