Preliminary results from multiple independent survey agencies, which are determined using samples taken from the actual votes, after the votes were cast on April 17 had shown that Widodo, commonly known as Jokowi, had defeated former military general Prabowo Subianto to be re-elected for a second five-year term.
The election results are a plus for steelmakers in Indonesia because it provides clarity on economic policies. However, demand is expected to recover only in the second half of the year, a trader in Indonesia said.
“The rupiah has strengthened slightly against the United States dollar after the unofficial results were announced but re-rolling mills in Indonesia remain well-stocked on semi-finished steel and are not in a rush to purchase billet cargoes,” a market source in Indonesia said.
The Indonesian rupiah was at 14,029...