Malaysia plans to impose export tax on scrap this year
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Update time : 2021-01-20 19:38:59
The Malaysian Ministry of International Trade and Industry (MITI) promised to the domestic steel industry that a series of protective policies will be implemented this year, such as restricting the construction of new plants, extending import duties, and controlling scrap exports.
The Malaysian steel industry had been under tremendous pressure from excessive production capacity and the loss.
Restricting the export of scrap is another focus of recent local mills since China resumed the scrap import, which may lead to tighter supply in the Asian market.
If Malaysia plans to increase steel production capacity, it will inevitably rely on imported scrap. Therefore, ensuring domestic supply will help reduce the impact of mills in the international market.
