Domestic manufacturers have no control over local steel price

KUALA LUMPUR: Domestic steel bar manufacturers have no control over steel prices, as the domestic steel prices are subject to the global supply and demand dynamics, said the Malaysian Iron and Steel Industry Federation (MISIF) and Malaysia Steel Association (MSA).

Steel bar users, such as contractors and housing developers, have been able to import steel bars at zero import duty without the need for an Approved Permit (AP) since 2008.