India's DGFT extends INR 6,720/MT minimum import price on cork imports for six months
→Import compliance teams clearing cork shipments under HS Chapter 45 must ensure declared CIF value meets the INR 6,720/MT floor through 30 October 2026
Change
India's DGFT extended the Minimum Import Price (MIP) condition of INR 6,720 per MT (CIF) on cork and articles of cork covered under HS Chapter 45 for a further six months from 30 April 2026, continuing the floor first set by Notifications 14/2022-23 and 20/2022-23.
Why it matters
Import declarations below the CIF threshold fail the notified MIP condition, blocking customs clearance until the declared value is corrected or the consignment is reshipped. The extension preserves the price-protection mechanism for domestic cork producers without changing the threshold; importers and procurement teams must continue to source above the floor regardless of prevailing international cork prices.
Implications
- → Import compliance teams clearing cork and articles of cork under HS Chapter 45 into India must ensure declared CIF value on each shipment meets or exceeds INR 6,720/MT through 30 October 2026 — declarations below the threshold fail the notified MIP condition and block customs clearance.
- → Procurement teams sourcing cork into India must rebase supplier contracts and price negotiations against the INR 6,720/MT floor — sourcing below the floor cannot be cleared into India regardless of supplier invoice price.
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Source
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