Malaysia to implement APM for steel industry

Malaysia to implement APM for steel industry

According to recent news in the market, Malaysian government has completed the Automatic Pricing Mechanism (APM), which will adjust steel prices in the country according to the international markets. Ministry of International Trade and Industry (MITI) announced that, APM is completed and they are waiting for the government to implement this system. APM is among the measures Malaysian government considers to take to reduce shortage of steel in the country. MITI expects APM to be implemented in a very short time as it will reduce problem of steel shortage in Malaysia. It is stated that steel prices in the country have increased by 20-30% in recent times. The recent measures taken by the government to reduce shortage of steel are allowing steel imports and restricting export of steel bar and billet for six months.