Covid19 Wave Clouds Outlook of Malaysian Steel Sector
The Star reported that the Malaysia Steel Institute expects the performance of the local iron and steel sector this year to be similar with last year, given the disruption in operations following the Covid-19 lockdown. Malaysia Steel Institute CEO Mr Jarrod Lim said “Currently, it is premature to determine the second half of the iron and steel performance given the uncertainty of the current lockdown and any future lockdown that may be enforced.”
Malaysia’s iron and steel exports rose to 10.03 million tonnes in 2020 from 6.64 million tonnes in 2019 despite the pandemic. Imports, however, fell to 5.98 million tonnes in 2020 from 7.51 million tonnes in the previous year.
According to the South East Asia Iron and Steel Institute, the higher exports by Malaysia last year was due to an increase in capacity and exports of long steel and semi-steel products.