The Edge FinancialDaily reported that the Ministry of International Trade and Industry (MITI) has launched a preliminary investigation on the imports of steel concrete reinforcing bars (rebars) from China and South Korea. This follows a petition lodged on 14 August from a local producer for the imposition of anti-dumping duties on imports of steel concrete rebar in straight length form.
- From MITI’s preliminary investigations, there was sufficient evidence to indicate that the dumping of steel concrete rebars at a lower price had indeed harmed the domestic market. The investigations are based on the Countervailing and Anti- Dumping Duties Act 1993 and its related regulations.
- More importantly, MITI added that if the final investigations match that of its earlier findings, it could impose anti-dumping duties on such imports. We understand that the final investigations could take up to four months to complete.
- We are not surprised by this news, as the proliferation of cheap steel imports – particularly from China – has perpetrated market imbalances within Malaysia’s steel industry. To be sure, we understand that Imports of bars and wire rods from China reached ~130k tonnes in June 2014 alone (+40% QoQ).
- Based on a report by The Star late last May, certain Chinese steel producers have reportedly exploited a taxation loophole in China to enjoy export rebates of c.9%- 13%. These players are believed to have circumvented the system by declaring their Malaysia-bound exports as alloy instead of steel.
Details of corporate proposal Exercise of Warrants No. of shares issued under this corporate proposal 1,000,000 Issue price per share ($$) MYR 0.670 Par Value ($$) MYR 0.500
can anyone explains why the company still have so many rounds of addtional warants listings whereby the warrants expiry date is around the corner in year 2015?
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....
sky4524
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Posted by sky4524 > 2014-09-03 11:57 | Report Abuse
according to the news in rtm, government has started an investigation in the issue of steel dumping from china and korea.