Indonesia sets new steel import duties from 2005

Jakarta, Dec 23 | Updated: Dec 24 2004, 05:30am hrs
Indonesia has set new import duties on steel from 2005 after temporarily scrapping them earlier this year amid soaring global prices, according to a ministerial decree.

A tariff of 7.5% will be imposed in 2005 on imported hot-rolled coils, used in construction, the decree obtained by Reuters on Thursday said.

The tariff will be cut to 5% in 2007 until 2010, the decree said. Before being lifted this year, the import duty on hot-rolled coils stood at 20%.

A 12.5% duty will be imposed in 2005 on cold-rolled coils, used in items such as cars and home appliances.

The tariff will be cut to 10% in 2007, and lowered again to 7.5% in 2010.

The tariff previously stood at 25%. Indonesias steel production stands at around 2.6 million tonnes a year.