2024
JanuaryTHE STEELNOTICEBOARD

Average Monthly Steel Products
Selling Price (per MT)
Billet - RM2,575 - RM2,576
Rebar - RM2,846 - RM2,906
Steel Wire Rod - RM2,751 - RM2,866

Average Monthly Raw Material
Price (per MT)
Scrap Iron - RM1,648 - RM1,795
Iron Ore - RM570 - RM707

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Trade Performance of Malaysia
Iron & Steel Industry
January 2024
Malaysia’s Iron and Steel trade value in January 2024 was recorded at RM6.7 billion,
increased by 71.8 percent compared to RM3.9 billion in January 2023. However, thetrade balance has improved from trade surplus of RM165.7 million in January 2023 totrade surplus of RM205.0 million in January 2024.
Malaysia’s iron and steel export in January 2024 rose by 75.0 percent to RM 3.5 billion
from RM2.0 billion in January 2023. Three main export destination in January 2024 wereto Hong Kong, Singapore and United States, accounting for 11.6 percent, 11.6 percent and8.0 percent of the total export value of the month, respectively.
Malaysia’s iron and steel import in January 2024 increased by 73.7 percent to RM3.3billion in January 2024 from RM1.9 billion in January 2023. Imports from China, Japanand Taiwan accounted for the top three (3) spots representing 28.4 percent, 14.9
percent and 8.2 percent of the total import value respectively.
Month Trade
Value

Month Balanceof Trade

January 2024: RM6.7billion
Reach
January 2023: RM3.9 billion

January 2024: RM205.0 million
Trade Surplus
January 2023: RM165.7 million
Trade Surplus

MonthExport

January 2024: RM3.5 billion

MonthImportJanuary 2024: RM3.3 billion

January 2023: RM2.0 billion

January 2023: RM1.9 billion

Conversion

Cost
71.8%
M-o-M Change

23.7% M-o-M Change

75.0% M-o-M Change

73.7% M-o-M Change

Page 02

MSI WITH YOUSESI PERHIMPUNAN BULANANMITI DAN AGENSI BIL. 1/2024

On 22 January 2024, the MITI Monthly Assembly with Agencies took
place at Dewan Perdana, Menara MITI in Kuala Lumpur. Present at thisassembly were the Minister of Investment, Trade, and Industry, YB
Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz,accompanied by his deputy minister, YB Liew Chin Tong, along withsenior management from MITI, heads of agencies, and employees
from both MITI and the respective agencies.
The Honorable Minister presented MITI's accomplishments throughout
the year 2023, highlighting several notable achievements, including:
Total approved investment at Q3 2024, RM225 billion;
Launch of the New Industrial Master Plan 2030 (NIMP2030);
Launch of Chemical Industry Roadmap 2030 (CIR);
Launch of National Industry Environment, Social and Governance
Framework (i-ESG);
Establishment of the National Investment Council, the Investment& Trade Action Committee (JTPPP); andEstablishment of the Investment Coordination Committee Meeting(ICCM).

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INDEPENDENT / SPECIAL COMMITTEEMEETING FOR IRON AND STEEL INDUSTRY
On 19 January 2024, Ministry of Investment, Trade, and Industry (MITI)
established an independent and special committee for Malaysia's iron andsteel industry. The inaugural meeting was chaired by YB Senator Tengku
Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade,and Industry. The committee's primary objective is to assess and realign its
strategies to meet the objectives outlined in the New Industrial Master Plan
2030 (NIMP2030).

Datuk Omar Siddiq, Chief Executive Officer of HSBC Bank Malaysia Bhd, wasappointed as the committee's chairman. He will be assisted by Prof Dr. Ong
Kian Ming, Datuk Hisham Hamdan, Mr. Yeoh Wee Jin, and Mr. Chen Li-Kai.
The government’s side of the committee will be supported by Datuk Hanafi
Sakri, Mr. Faizal Yusof, Ms. Aedreena Reeza Alwi, and Ms. Zakiah.
Additionally, Mr. Lim Keng Yow, CEO of MSI, has been designated as thecommittee's secretary.

WORKSHOP FOR THE DEVELOPMENT OF
CIRCULAR ECONOMY (CE) FRAMEWORKFOR MANUFACTURING SECTOR
MSI attended Circular Economy
PolicyFramework
fortheManufacturing
SectorinMalaysia, held on 24 January2024 at the office of Boston
Consulting Group (BCG) in
Kuala Lumpur.
The objectives of the workshop
were to:Ensure continued stakeholder engagement that kicked off in Phase 1 of
the CE Policy Framework development;
Discuss and gather feedback on potential initiatives to be included inthe CE Policy Framework, as well as considerations for implementation;
andIdentify opportunities for collaboration / synergies between stakeholders
in advancing CE for manufacturing in Malaysia.

Mr. Lim Keng Yow, CEO of MSI and Mr.
Leon,participatedintheMITI
Dialogue 2024 organised by theMinistry of Investment, Trade, andIndustry (MITI) at Dewan Perdana,
Menara MITI, Kuala Lumpur. The
event was chaired by Minister ofInvestment, Trade, and Industry, YB
Senator Tengku Datuk Seri Utama
ZafrulTengku
Abdul
Aziz.
The
primary aim of the dialogue was toaddress
issuesandchallenges
encountered by the industry.

MITI DIALOGUE 2024

The dialogue session provided aplatform for industry stakeholders
for a face-to-face exchange ofviews
andideas
aimedatenhancing
thedeliveryofgovernment services and aligning
existing policies with current needs.

VISIT TO ESTABLISHED METALINDUSTRIES SDN BHD
On 30 January 2024, Mr. Lim Keng Yow
visitedEstablished
Metal
Industries
located in Bandar Serendah, Selangor.
The primary purpose of this visit was togain
insights
intotheproduction
process of steel bars at the facility.
During his time at Established Metal
Industries, Mr. Lim Keng Yow had theopportunity to observe firsthand thevariousstages
involvedinthemanufacturing of steel bars.
He toured the production plant, engaging with the management team andworkers to understand the intricacies of their operations.

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Fun Fact
about
Steel

Source: World Steel Association Website
Page 06

MALAYSIASTEELNEWSINDEPENDENT COMMITTEE TO GUIDE MALAYSIA’SIRON AND STEEL INDUSTRY, CHAIRED BY TENGKUZAFRUL
Submitted By: Ainul Fatihah | Date Submitted: 23 January 2024
link to article: https://www.businesstoday.com.my/2024/01/23/independent-committeeto-guide-malaysias-iron-and-steel-industry-chaired-by-tengku-zafrul/

An Independent Committee has been established to review and realign Malaysia’s Ironand Steel Industry’s strategic direction in alignment with the objectives of the New
Industrial Master Plan (NIMP) 2030.
Chaired by Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade andIndustry (MITI), the Committee held its inaugural meeting on 19 January 2024, attended by
Deputy Minister of MITI, YB Liew Chin Tong.
The Committee, appointed by the Minister of MITI based on their knowledge, experience,and expertise, will provide independent reviews of the industry and strategies to propel
Malaysia’s Iron and Steel Industry forward.

Page 07

Dato’ Omar Siddiq, CEO of HSBC Bank Malaysia, has been appointed as the committee’sChairman, with support from the following members:
Prof. Dr. Ong Kian Ming, Director of Philosophy, Politics, and Economics Programme,
Taylor’s University.
Datuk Hisham Hamdan, Executive Director of Public Markets Khazanah Nasional Berhad.
Mr. Yeoh Wee Jin, Secretary-General of South East Asia Iron and Steel Institute (SEAISI).
Mr. Chen Li-Kai, Senior Partner of McKinsey and Company, Malaysia.
Malaysia Steel Institute (MSI) CEO, Mr. Jarrod Lim Keng Yow has been appointed as theSecretary to the Committee. The Committee has been tasked with presenting acomprehensive study on Malaysia’s Iron and Steel Industry within the next six months.
The committee will play a pivotal role in assessing the short and medium-term outlook for
the Iron and Steel Industry, addressing concerns related to overcapacity, providing
guidance on policy matters such as green steel production and new product development,
promoting exports, and evaluating industry aspects linked to national security.
Tengku Zafrul Aziz emphasised the significance of the Independent Committee, stating,“The establishment of this committee is to ensure the resilience and sustainability ofMalaysia’s Iron and Steel Industry. It is crucial for them to explore solutions to help theindustry embrace the latest green manufacturing technologies, aligning with Malaysia’scommitment to reduce greenhouse gas emissions by 45% by 2030 and achieve carbon
neutrality by 2050. Execution is key, and timing is of the essence. As such, I haverequested the Committee to present their comprehensive study on Malaysia’s Iron andSteel Industry within six months.”
This initiative marks a crucial step in fostering the growth and sustainability of the Ironand Steel Industry in Malaysia, ensuring it remains a key player in the nation’s economic
landscape.

Page 08

About MSI
Malaysia Steel Institute (MSI) is an industry driven enterprise
supported and funded by the Ministry of Investment, Trade &Industry (MITI) on shared responsibility basis with the industry. The
main objectives of MSI are to promote and develop thecompetitiveness, resilience and sustainability of the Malaysian Ironand steel industry; to provide advisory services and to carry out
commission or promote the study of scientific, technology andeconomic aspects of iron and steel industry development inMalaysia; and to promote iron and steel product standardization
and utilization within Malaysia. For more information, please visit
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