Indonesian govt determined to protect steel market
The Indonesian government is determined to protect the domestic steel market from the onslaught of imported product, along with increased production capacity, at a global level. "As the basic component of economic growth in each country, steel industry is the mother of industry for machinery, appliance, automotive, maritime, and electronic industries," Industry Minister Airlangga Hartarto said on the sidelines of the South East Asia Iron and Steel Institute (SEAISI) 2018 Conference and Exhibition held in Jakarta. On the other hand, the US, as the main steel consumer, has planned to protect its domestic steel industry by raising duties on imported steel by 25 percent. The US policy will, no doubt, have an impact on the supply and demand in the global steel market and will eventually affect steel producers in developing nations, he remarked.
Tags : INTERNATIONAL