KUCHING: The trade measures taken by the Government to curb the import of cheap steel products are expected to cut yearly import volumes by at least one third or more than one million tonnes, according to Malaysian Iron and Steel Industry Federation president Datuk Soh Thian Lai.

Malaysia imported more than four million tonnes of such products yearly in 2011 and 2012.

“The trade measures have shown results which has stabilised the selling prices of local steel products,” he told Star Biz after Yung Kong Galvanising Industries Bhd's EGM recently.

Soh is also the managing director of YKGI, one of Malaysia's top three producers of flat steel products.

The Ministry of International Trade and Industry had imposed anti-dumping duties from 3.03% to 25.2% on steel wire rods from selected companies in China, Taiwan, South Korea and Indonesia from Feb 20 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.

Star Biz recently reported that the Government would also likely impose anti-dumping duties on imported steel-related 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.

Soh, who is also a member of the Malaysian Steel Council, said Miti had five working groups that met monthly to recommend measures and solutions to problems faced by the steel players.

These recommendations are discussed by the council before being forwarded to Miti for consideration and implementation.

Monday April 22, 2013

Source: biz.thestar.com.my