Source: The Jakarta Post
The Trade Ministry announced on Friday that it had extended the import duty on specific flat-rolled iron or non-alloy steel until 2019 to prevent losses faced by the domestic industry.
“This extension is aimed to prevent any serious loss [for local producers] as well as to give them a chance to compete [fairly] with imports while [Indonesia] continues to better its [iron and steel industry] infrastructure,” said Mardjoko, the chairman of the Indonesian Trade Safeguard Committee (KPPI), in a statement.
Based on the Trade Ministry’s decision, the Finance Ministry’s decision, the Finance Ministry has issued a regulation to lengthen the import duty for the flat rolled iron or non-alloy steel starting from Sept. 20.
The import duty for the product is Rp 2.89 million (US$ 214.7) per ton from Oct. 3 to Oct. 2, 2018 and Rp. 2.19 million per ton from Oct. 3, 2018 to Oct. 2, 2019.