New Delhi, Jan. 21 -- The Supreme Court on Wednesday set aside a 2018 Delhi high court order that had upheld the Centre's decision to impose a minimum import price (MIP) on mild steel from a date earlier than when the rule was officially published to curb cheap foreign supplies.

A bench of Justice P.S. Narasimha and Justice Alok Aradhe allowed appeals filed by Vinayaga Marine Petro, Viraj Impex, K. Amishkumar Trading, and RKB Global, holding that they are entitled to protection under Paragraph 1.05(b) of the foreign trade policy (FTP).

This provision protects companies that had already made firm commercial commitments through banks before a new trade restriction came into force. In simple terms, it says that if the government suddenly c...