Steel stocks extended gains registered during the previous trading session after the government set floor price or Minimum Import Price (MIP) on import of a total of 173 steel products into the country in a bid to restrict cheap steel imports which has adversely affected the domestic steel industry. Bhushan Steel (up 10.16%), Steel Authority of India (up 4.65%), Jindal Steel & Power (up 3.07%), JSW Steel (up 2.69%) and Tata Steel (up 2.37%), edged higher. As per a notification issued by Directorate General of Foreign Trade on Friday, 5 February 2016, the government has imposed MIP ranging from $341 per tonne to $752 per tonne on various steel products. The MIP will be in place for a period of 6 months.