Thailand considers lifting steel tariffs
Thailand's Ministry of Commerce (MOC) is reportedly planning to lift steel tariffs to hinder expensive sales of steel products by foreign producers, which leads increase in the local prices.
According to a statement released from MOC, the Ministry will follow local prices for one more week and then reach a precise decision on steel tariffs. The prices are stated to have increased due to strong demand from rising housing and infrastructure projects. Moreover, certain Thai producers are stated to have implemented price hikes to benefit from strong demand and limited supply. However, the Ministry underscoring that the situation will turn out to be disadvantageous for the industry in the long term, stated that they aim to liberalize steel market by lifting steel tariffs.