The European Commission has terminated an anti-dumping probe into hot-rolled stainless steel from Indonesia after the European steel lobby withdrew their complaints, the Indonesian Trade Ministry said on Tuesday.
The decision ensures access to a key market for Indonesia's steel industry, which has ramped up its production capacity in the past few years.
"Indonesia welcomes the European Union's decision to cancel the investigation because from the start we believed that Indonesian products always compete fairly in the European market," Trade Minister Agus Suparmanto said in a statement.
"We will encourage the Indonesian industry to take advantage of this cancellation by improving the export performance of [hot rolled stainless steel] products to the European Union and proactively maintaining export access," Agus said.
Indonesia began exporting the hot-rolled stainless steel to the EU in 2018, raking in a total of $99.3 million from the shipments that year. The export increased a little to $100.5 million in 2019 when the European Union Steel Industry Association (Eurofer) complained about Indonesia's alleged dumping practice.
