On the morning of May 8th, a wonderful speech titled "Introduction to the Current Situation and Related Policies of Mineral Resources in Indonesia" was delivered by special staff to the Minister for Mineral and Coal Governance, Prof. Irwandy Arif.
Firstly, Prof. Irwandy Arif introduced Indonesia's abundant mineral resources, including various metal minerals and coal reserves and production.
Secondly, Prof. Irwandy Arif introduced the current condition of Indonesia's domestic steel industry. Indonesia is capable of producing almost all types of steel domestically, with carbon steel and stainless steel currently dominating the market. At the same time, domestic consumption in Indonesia is also growing rapidly. In 2023, the national steel consumption will increase by 5.9%, reaching 17.2 million tonnes. With the continued development of Indonesia's domestic economy, the demand for steel will continue to increase.
Later, Prof. Irwandy Arif introduced the national steel industry products trade. At present, the trade balance for Fe commodities always experiences a deficit, except in 2022 due to increased exports of SS HRC & SS CRC. Meanwhile, Prof Irwandy Arif also introduced investment and state income from the national steel industry. The cancellation of fiscal incentives in the steel industry has increased by 4% in 2022 compared to 2021.
Finally, Prof Irwandy Arif has put forward relevant suggestions for the future development of Indonesia's steel industry, including but not limited to introducing advanced equipment and improving capacity utilization through import controls.
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