Indonesia eliminates import duties regarding steel products
As previously reported by SteelOrbis,
Indonesia government was planning to reduce import duty on steel products from their current levels of 15-20% to the levels of 5-10%. Related with the subject, the Industry and Trade Ministry and Finance Ministry were in negotiations for a long time.
According to recent news in the market, the Industry and Trade Ministry has recently announced that they have reached a compromise with Finance Ministry to reduce steel imports duties to 0%.
This decision is stated to be taken as a result of rising steel prices and shortage of supply, from which many producers are suffering.
The Minister of Industry and Trade stated that the new regulation is not officially in effect yet.