The Philippines Temporarily Cancelled Import Tariff on Steel Rolling

According to a report on May 13, 2010 from the Philippines' the Star, in order to mitigate the impact of the rise in global iron ore prices, proposed by the Philippine Tariff Commission and approved by the National Economic and Development Authority of the Philippines, the import tariff of 7% on both cold rolled steel and hot rolled steel was temporarily cancelled. Earlier, the Philippines' iron and steel enterprises claimed to raise the price by 3%, and then the Philippine Government reached an agreement with the iron and steel enterprises, saying that the tariff rate shall be resumed once the domestic production satisfies 50% of the demand.