JAKARTA (Yosefardi) – Government of Indonesia, through finance ministry, decided to hike import duty for steel (for most favorable nations) to 15% from current 0-15%.
This decision aims to support and protect local steel producers, an incentives for domestic steel industry.
As the government has planned its massive infrastructure projects, local steel producers will enjoy an optimum benefit from import duty hike policy for steel.
This decision is however flexible as it could change to adjust any significant movement of global steel prices.
The government also plans to issue regulation for developing downstream steel business in the country.