Govt imposes additional import duty on steel wire rod

In a bid to help protect local steel producers against massive inflow of import, the Ministry of Finance has issued a new regulation imposing additional import duty on steel wire products, Kontan reported on Friday.

The paper said that the new Minister of Finance Regulation No 154/PMK.-1-/2015, effective August 14, slaps so-called safety import duty on steel wire rod products imported from various countries, with the exception of import from certain countries such as China, Taiwan, Thailand, India, the Philippines, Africa, Argentina, and Vietnam.

The import duty is valid until 2018, with the rate for 2014 set at 14.5 percent, and to decline to 10 percent in the second year, and 5.5 percent in the final year. (*)