JAKARTA (TheInsiderStories) – Good morning! Indonesian official extended the imposition of anti-dumping import duties on several iron or steel products from China. The act taken amid government worries over the ongoing dumping practices for two sections of iron and steel products from China.
Before, such policy has been stipulated as a regulation since 2015. But the regulation is going to be expired this year, so, government released a new regulation for another next 5 years.
Indonesia considered that there’ll be loss if the anti-dumping tariff is suspended. Recently, the anti-dumping import duties imposed for Chinese producers is 11.93 percent.
According to Statistics Agency data, Indonesia’ iron and steel imports has been falling sharply. In February, the products import slumped by 39.64 percent to US$474.5 million compared to January.
Accumulatively for the first two months of 2019, iron and steel imports still increased by 25.6 percent from the same period last year to US$1.92 billion. Meanwhile, iron and steel imports contributed 8 percent to non-oil and gas imports.
Furthermore, Energy and Mineral Resources ministry said, 54 percent of its financing was allocated for infrastructure. Official claimed that it is first in Indonesian history, more than half of the ministry’ financing used for infrastructures. One-price fuel, gas network, household connection, solar public street lighting, and groundwater wells are some of those allocations.
Then, after months of discussions, Transportation ministry finalized the regulation about online motor-taxi tariff. The tariff will be implemented starting from May 1, waiting for system customization.
The online tariff will be divided into zones. First zone covers Sumatera, Java (Jakarta greater area excluded), and Bali has Rp1,850-Rp2,300 per kilometers with minimum service amount Rp7,000-Rp10,000 every 4 kilometers.
Second zone that covers Jakarta greater area has Rp2,000-Rp2,500 tariff per kilometers with Rp8,000-Rp10,000 minimum service every 4 kilometers. And for the third zone, it covers Kalimantan, Sulawesi, Nusa Tenggara, Kepulauan Maluku, and Papua.
Yesterday, the Jakarta Composite Index closed slumping 1.74 percent to 6,411.25, with Rp147.84 billion (US$10.49 million) foreign outflows recorded. Rupiah depreciated by 0.46 percent to 14,180 over the greenback.
From global side, United States President Donald Trump signed a proclamation of the Golan as Israeli territory. The decision has been taken after he met Israeli Prime Minister Benjamin Netanyahu at the White House.
On Monday night, Members of Parliament indicated to British Prime Minister Theresa May that they want to wrestle Brexit out of the government’ hands and take control of the process. This means votes on Wednesday will likely coalesce around a softer version of Brexit.
European Union (EU) is also committed to avoiding a no deal and getting this mess sorted. The organization allows the United Kingdom’ option of delaying Brexit day until May 22 if May gets approved this week.
May you have a profitable day!