Government raises import duty on steel to 20%

The Ministry of Finance has issued a new regulation, raising the import duty on steel products to 10-20 percent from the previous 5-15 percent tariff, Kontan reported on Thursday.

The new import duty has been effective since May 31, the paper added.

The paper quoted Suahasil Nazara, a senior official at the ministry as saying that the policy was issued to help protect domestic steel producers against the flood of cheaper imports. (*)