Malaysia of the opinion that steel shortage to cease soon

Malaysia of the opinion that steel shortage to cease soon

According to the recent statement released by Malaysian government, steel shortage in the country will come to an end in two or three-month's time. As previously reported by SteelOrbis, Malaysian government took certain measures to help local steel producers, who have been suffering from shortage of raw material and the high prices. In the framework of measures, including lifting of import license requirement and implementing control on export of steel billet and bar, it is expected that shortage problem especially felt in construction sector, will soon be solved. Shortage of steel led to increase in the prices of steel and steel related products in Malaysia. Accordingly, costs of construction increased by 10-15% since January 2003.