The trade measures taken by the Malaysian Government to curb the import of cheap steel products are expected to cut yearly import volumes by at least one third or more than 1Mt, according to Malaysian Iron and Steel Industry Federation (Misif) president Datuk Soh Thian Lai.
Malaysia imported more than 4Mt of such products each year in 2011 and 2012.
The Ministry of International Trade and Industry had imposed anti-dumping duties from 3.03% to 25.2% on steel wire rod from selected companies in China, Taiwan, South Korea and Indonesia from 20 February. this year for five years.
Miti launched an anti-dumping investigation last June based on a petition by Amsteel Mills Sdn Bhd on behalf of the steel wire rods industry.
Local steel players were reported to be badly hit as the cheap steel products flooded the market.
It was recently reported that the Government would also likely impose anti- dumping duties on imported stranded wires, ropes and cables from China if it was proved that these products were being dumped into Malaysia at low prices.
Misif and Malaysia Steel Association (MSA) have supported Miti's move.
Soh said cheap steel products also came from Vietnam, adding that the Government was expected to also monitor the import of high-end alloy steel products from China which were used mainly by the oil and gas, electronic and fabrication industries.
Source: Daily ‘The Star’, Kuala Lumpur; 22 Apr 2013Click here to report this email as spam.