Going by the interim stay order, representatives of user industries such as steel re-rollers association affected by the stay, could also appeal before the Calcutta high court. If it does so, the government will not go in appeal and will rather wait.

Senior officials in the commerce ministry explain that the single bench order has left sufficient scope for the government and steel-users to approach the court and restore status quo ante.

The scrapping of minimum import prices for prime steel had followed acceptance by the government of the recommendations of the National Institute of Public Finance and Policy director Ashok Lahiri. Lahiri had said in his report that the floor prices on steel primes were not compatible with the country's obligations to the World Trade Organisation.

The government will, therefore, have to consider WTO-compatible alternatives to the floor price mechanism. It has, however, been found that options such as a trigger price mechanism, voluntary restraint on the part of steel exporting countries will not be WTO-compliant.

The government is veering round to the view that anti-dumping duties on prime steel alone will be WTO-compliant. India is already a signatory to the anti-dumping code of WTO.

And in this regard, the government has already received a shot in the arm with the Supreme Court recently upholding an order of the designated authority in the commerce ministry on imposition of anti-dumping duties on HR coils originating from Russia, Ukraine and Kazakistan. Earlier, this order, passed on November 18, 1998, was dismissed by the Central Excise and Gold Appellate Tribunal (Cegat) in January following petitions filed by steel exporters.