Indonesia to reduce import duty on all types of steel products to 0%

Indonesia to reduce import duty on all types of steel products to 0%

As previously reported by SteelOrbis, Indonesia government was planning to take certain measures to solve problems that steel producers in the country have been facing for a long time. Related with the subject, the officials from Industry and Trade Ministry and Finance Ministry were in negotiations however the solutions put forward were different. Certain officials proposed reducing the import duty on steel products from their current levels of 15-20% to the levels of 5-10%, while some asserted that reducing tariffs to 0% would be more advantageous for steel producers in the country. Moreover, duties on which steel products would be reduced or completely eliminated was another topic discussed during the negotiations. According to the recent news in the market, the Industry and Trade Ministry and Finance Ministry have reached an agreement for the reduction of import duty to 0% level on all kinds of steel products. However, the new regulation is reported to be not approved by the government yet.