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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
mrbusiness
206 posts
Posted by mrbusiness > 2022-02-16 00:00 | Report Abuse
Local steel makers have no control over the rising steel prices, say associations
Sulhi Khalid
/
theedgemarkets.com
February 15, 2022 21:41 pm +08
Local steel makers have no control over the rising steel prices, say associations
KUALA LUMPUR (Feb 15): Amid rising prices of building materials such as iron and steel, domestic steel bar manufacturers have no control over the rising steel prices that result in higher building material costs, said Malaysian Iron and Steel Industry Federation (MISIF) and Malaysia Steel Association (MSA) in a joint statement.
The duo noted that the domestic steel prices are subject to global supply and demand dynamics.
Both associations highlighted that steel bar users, such as contractors and housing developers, have been able to import steel bars at zero import duties without the need for an approved permit since 2008.
"Steel bar prices rose in the first half of 2021, owing primarily to strong demand resulting from global economic recovery and hike in raw material prices, particularly scrap, iron ore and coking coal, due to supply tightness and global supply chain disruptions.
"Coupled with the Chinese government's tight control over steel production and the removal of export rebates, the increasing raw material costs are reflected in rising steel prices.
"In addition, rising energy prices, such as a 64% increase in natural gas tariff in 2021 in Malaysia, as well as a surge in international freight costs also contributed to the increase in imported material costs and steel prices," it said.
The associations added domestic steel bar prices have constantly been below China prices. The duo reiterated that the trajectory of domestic steel prices tracks the international price trend, particularly China steel prices, as the country accounts for more than half of global crude steel production.
MISIF and MSA also pointed out that they are not aware of any cartel dominance in the iron and steel industry.
According to both associations, steel products account for approximately 3% of total housing project costs.
"We welcome engagements with relevant ministries and associations for further deliberation," the statement said.
Kathy Fong
https://www.theedgemarkets.com/article/local-steel-makers-have-no-control-over-rising-steel-prices-say-associations