[Ferro-Alloys.Com]It is reported that low average selling price of steel resulting from an oversupply in the domestic market hit earnings of the country's major steel producers in the first nine months of this year.

Mr Edward Pinem executive director of Indonesian Iron and Steel Industry Association said last week that the influx of imported steel products had caused an oversupply in the country's steel market, which in turn led to a price slump.

He said that many foreign steel makers such as those from China had turned to Indonesia to sell their products due to the decline in demand from Europe. He added that "Steel products that were originally destined for Europe entered Indonesia instead. They flooded the local market."

Imported hot rolled coil and cold rolled coil from China are among the products that local businesses often fret over.

• [Editor:editor]