Indonesia and China slapped anti-dumping import duties on each other’s steel products in an escalation of a global tariff row involving one of the world’s most widely used metals.
Indonesia extended anti-dumping import duties of up to 20 per cent for a number of flat-rolled iron and steel products from seven countries, including China, Russia and India.
The duties, which have been in place since 2013, affect Chinese giants Angang Steel Co and Baoshan Iron and Steel Co, Russia’s Severstal and India’s Essar Steel. The extension will take effect 14 days from March 19, when the government signed the regulation.
Indonesia also imposed the tax on flat-rolled imports from Taiwan, Thailand, Kazakhstan and Belarus, and separately set an 11.9 percent anti-dumping duty on a few other iron and steel products from China.
With 1.79 million tonnes of imports from China in 2018, Indonesia is the fifth-largest destination for Chinese flat steel products, according to the IHS Market Global Trade Atlas, behind Vietnam, South Korea, the Philippines and Thailand.
Earlier, China’s commerce ministry said it would impose temporary anti-dumping measures from March 23 on stainless steel billet and hot-rolled stainless steel plate from Indonesia, and other producers such as Japan, South Korea and the European Union. It has not yet determined the duty percentages.
The Chinese tariffs follow the launch of a probe by Beijing into imports of stainless steel last July and did not appear to be related to the Indonesia tariff action.
Almost two-thirds of China’s stainless steel imports in 2017 came from Indonesia, up from just 5 per cent in 2016, according to the complaint that triggered the anti-dumping probe.
The Chinese ministry said it will collect deposits from companies including Japan’s Nippon Yakin Kogyo Co. Ltd and South Korea’s POSCO ranging from 18.1 per cent to 103.1 per cent.