Import Provisions on Iron, Steel and Alloy Steel Re-Tightened in Order to Support Local Industries

By way of background, as of July 2018, imports of iron and steel into Indonesia had reached a figure of USD 996.2 million per annum (an overall rise of 56.55% per annum) as a result of loose import requirements. [1] In response to this spike in imports, the Minister of Trade (“ Minister ”) has once again updated the country’s import provisions for iron, steel, alloy steel and their derivative products (“ Products ”) through the issuance of Regulation on Import Provisions for Iron, Steel, Alloy Steel and Their Derivative Products (“ Regulation 110/2018 ”). [2] These matters were previously addressed under Regulation as amended several times, most recently through the issuance of Regulation (collectively referred to as “ Previous Regulations ”), which has now been repealed and replaced. [3] In a manner similar to the Previous Regulations, Regulation 110/2018 specifically addresses the following matters: