Malaysian construction sector wants export ban on rebar extended

Malaysian construction sector wants export ban on rebar extended

Master Builders Association Malaysia (MBAM) has recently announced that it wants Ministry of International Trade and Industry (MITI) to extend the ban on steel rebar exports for another six months. As previously reported by SteelOrbis, MITI took certain measures to help construction sector in the country, such as granting import duty exemption and implementing control on exports of billets and steel bars for six months, effective as of February 25, 2004. Moreover, the government also raised the ceiling price of billets by RM 419 ($110) per ton and retail price of steel bars by RM 356 ($94) effective as of April 14, 2004. Accordingly, currently price of billet in Malaysia is ranging between RM 1'294-1'389 ($340-365) per ton and the price of steel bars is ranging between RM 1'531-1'675 ($403-441) per ton. MBAM wants the ban on steel bar exports to be extended to ensure the availability of subject product in the domestic market.