2023

MARCHTHE STEEL NOTICEBOARD
30 January 2023

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Average Domestic
Price (per MT)

Average Domestic Price (per MT)
01 Billet

02 Rebar

03 Steel Wire Rod

RM2,715 - RM2,723

RM2,975 - RM3,131

RM3,025 - RM3,174

Average International Price (per MT)
04 Scrap Iron

05 Iron Ore

RM1,729 - RM1,872

RM465 - RM510

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02

Trade Performance
Malaysia's Trade
Performance
January-March 2023
Malaysia’s Iron and Steel total trade value in March 2023
contracted by 3.4 percent to RM5.7 billion compared to RM5.9
billion in March 2022 for the same period. Trade balance has
widened to trade deficit of RM523.4 million from trade deficit ofRM276.3 million for the same comparison period.
Malaysia’s iron & steel export in March 2023 declined by 7.1
percent to RM2.6 billion from RM2.8 billion in March 2022. Threemain export destinations in March 2023 were Hong Kong,
Singapore and Indonesia accounting for 19.3, 11.7 and 6.8
percent of the total export value respectively.
Malaysia’s iron & steel import in March 2023 maintained atRM3.1 billion as reported in March 2022. Imports from China,
Japan and Taiwan accounted for the top three (3) spots
representing 24.8, 13.6 and 11.8 percent of the total import value
respectively.
From January to March 2023, the total trade value of the Ironand Steel products stood at RM13.7 billion in 2023 compared toRM17.7 billion in the same period in 2022, a reduction by 19.9
percent. Further, the trade balance improved from a trade
deficit of RM564.5 million in 2022 to a trade surplus of RM179.0
million in 2023 during the same period of comparison.
by Juliana Ahmad
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03

Malaysia Trade Performanceof Iron & Steel Industry
Month Trade Value
March 2023: RM5.7 billion

3.4 % M-o-M change

March 2022: RM5.9 billion

Month Balance of Trade
March 2023: RM523.4 million
Trade Deficit

89.4 % M-o-M change

March 2022:01RM276.3 million
Trade Deficit

Month02 Export
March 2023: RM2.6 billion

7.1 % M-o-M change

March 2022: RM2.8 billion

Month Import
March 2023: RM3.1 billion

0.0 % M-o-M change

March 2022: RM3.1 billion

YTD Trade Value
Jan - Mar 2023: RM13.7 billion

19.9 % Y-o-Y change

Jan - Mar 2022: RM17.1 billion

YTD Balance of Trade
Jan - Mar 2023: RM179.0 million
Trade Deficit
Jan - Mar 2022: RM564.5 million
Trade Deficit

68.3 % Y-o-Y change

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04

MIDF Automation & Digitalization Forum - The Journey Together
Malaysian Industrial Development Finance Berhad (MIDF) held an Automation &Digitalization Forum titled "Driving Business through Digitalisation and Automation - The
Journey Together” on 1 March 2023 at Sime Darby Convention Centre, Kuala Lumpur.
This forum aimed at providing a platform for local companies with knowledge, guidance,consulting and advice in starting their company's Industry 4.0 adoption journey.
Among the main objectives of this forum are:
Sharing regarding the importance of automation and digitization in operations
companies to be more competitive and improve operational efficiency;
Partnership by companies that have successfully automated or digitalize theiroperations in line with the government's aspirations to move Malaysian companies
towards IR4.0;
Sharing of roles and incentives provided by MITI and agencies in an effort to help local
companies to automate and digitalize their company operations towards Industry 4.0;
andSharing of the latest technology by the system and reputable technology providers.
Honorable Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister ofInvestment, Trade and Industry (MITI) delivered the keynote speech and inaugurated theforum. A total of 300 entrepreneurs consisting of competitive manufacturing and service
sectors that have already gone through the Industry4WRD Readiness Assessment.
by Syakirah Ibrahim

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Invitation to the Book Launch of "Mengharungi Badai Ekonomi:Mengemudi Bahtera Menelurusi Gelombang COVID-19"

On 3 March 2023, the book launch of "Mengharungi
Badai Ekonomi: Mengemudi Bahtera Menelurusi
Gelombang COVID-19" was an important event forindividuals, businesses, and governments seeking
guidance on navigating the current economic climate.
The book is authored by Honorable Senator Tengku
Datuk Seri Utama Zafrul Tengku Abdul Aziz, aprominent figure in the world of economics andfinance in Malaysia, and a team of experts ineconomics and business. During the event, Honorable
Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul
Aziz was shared his views on the impact of thepandemic on the Malaysian economy and the steps
needed to overcome the challenges ahead. Overall,
the book launch of was valuable that provided insighton the challenges and opportunities facing the Malaysian economy that helped the audience tocome away with a deeper understanding of the steps needed to navigate the economic turmoil
caused by the pandemicby Muhammad Amier

Courtesy Visit to Syarikat Perusahaan Sadur Timah Malaysia(PERSTIMA) Berhad

On 7 March 2023, Mr. Jarrod
Lim, CEO of Malaysia SteelInstitute, visited Perusahaan
SadurTimahMalaysia(PERSTIMA) Berhad, located in
Pasir Gudang Industrial Estate,
Johor. The purpose of the visit
was to show appreciation toPERSTIMA as a new member ofMSI. For information, PERSTIMA
is the premier producer andsupplier of high-quality prime
grade
Tinplatefor
bothdomestic and export markets.
Established on 16 August 1979,
commercial
productioncommenced on 2 April 1982

and PERSTIMA has the latest technologies to improve efficiencies and quality standards.
Located in Pasir Gudang Industrial Estate Johor, Malaysia, the plant has excellent logistic
support by virtue of its close proximity to the Pasir Gudang Port.

by Syafiq Daniel

by Syafiq Daniel

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06

Courtesy Visit to Ye Chiu Non-Ferrous Metal (M) Sdn. Bhd.

Mr. Jarrod Lim, CEO of Malaysia Steel Institute paid a visit to Ye Chiu Non-Ferrous
Metal (M) Sdn Bhd in Kompleks Perindustrian Tanjung Langsat, Pasir Gudang,
Johor on 7 March 2023. Mr. Jarrod Lim met with Ye-Chiu's management team todiscuss the latest industry trends and best practices, exchanging valuable insights
and ideas. In conclusion, the visit by Mr. Lim was a valuable experience for bothparties, further strengthening their partnership and commitment to thedevelopment of the industry.
by Syafiq Daniel

Courtesy Visit to MIT
On 30 March 2023, MSI was invited by MIT Academy to visit their MITMetaverse
Innovation Training Center in Kota Kemuning, Selangor which is equipped withtraining facilities for Industry 4.0. MSI was welcomed by the company CEO, Mr
Anthony Ng. The objective of the visit is to explore potential collaboration in Human
Capital Development for the iron and steel industry.
by Lai Leong Chon

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Jemputan Bengkel Pengukuhan Operasi Dan Strategik Bahagian
Pengurusan Sumber Manusia (BPSM) MITI Bersama Agensi
Human Resource Management Division, MITI organised an Operational andStrategic Strengthening Workshop with MITI Agencies from 14 – 16 March 2023 at
the Century Pines Hotel, Cameron Highlands. Ms. Asmalyn as MSI’s representative
presented the background of MSI and MSI management process, especially on
Human Resources division.
The objective of this workshop is to ensure the continuity of the close cooperationand networking between MITI and its agencies and to enhance smoother service
delivery among the Ministry and MITI’s agencies. The workshop provided a good
platform for representatives from MITI and MITI’s agencies to brainstorm andimprove governance practices in their respective organisations.
by Asmalyn Ali

Management Meeting with the Head of Agencies (No. 6/2023) at
TRX Exchange
On 15th March 2023, Ministry Of
Investment, Trade and Industry(MITI)
hostedthetopMITI
management meeting with thehead of agencies at TRX Exchange,
Kuala Lumpur aimed to promoting
TRX Exchange to foreign or domestic
investors. TRX Exchange is an
important financial hub in Kuala
Lumpur, and MITI could showcase
its potential to investors who may belooking for investment opportunities
in Malaysia.
by Mr. Jarrod Lim
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08Cyber ​Defense Executive Breakfast
Cyber-attacks and data breaches have not stopped even though the business has now
returned to normalcy, post-COVID 19 pandemic. However, cyber-attacks continue to be acause of concern for businesses as it involves, besides other implications, enormous costs.
Cyber-attacks have a long-term impact on the brand reputation of the organization. It takes
a long time to recover to gain confidence, adding to today's economic turmoil on challenges
faced by the businesses.
To continue to strengthen cyber security in challenging circumstances, Securelytics Sdn Bhd
held a Cyber ​Defense Executive Breakfast Talk on 17 March 2023 at Le Meridien Hotel, KL toshare and learn more about ways to optimize cyber security costs while maximizing
investment. The talk included experts from CyberSecurity, Microsoft and Bluevoyant.
Among the topics discussed during the panel discussion include:
Challenges and Opportunities of the Modern Chief Information Security Officer; andEmbrace Automation to Improve Cyber ​Security Measures.
The panel discussion included speakers:
Anil Malekani, Security Global Black Belt, Microsoft APAC;
Daniel Joshua Ooi, Senior Security Sales Specialist, Microsoft;
Ming Jie Wong, Senior Technical Specialist, Microsoft Malaysia;
Sumit Bansal, Vice President, Asia Pacific and Japan, BlueVoyant;
Wong Joon Hoong, Regional Sales Director, BlueVoyant; andEasan Sathiyalingam, Regional Technical Director, BlueVoyant
This collaborative event was designed specifically for security leaders to address today's
increasingly pressing cybersecurity issues.
by Syakirah Ibrahim

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Stakeholder Meeting and The Soft Launch of International
Construction Week (ICW) & BuildExpo 2023

On 17 March 2023, CIDB (Construction
Industry Development Board) hosted astakeholders meeting that included a softlaunch to promote the International
Construction Week (ICW) 2023 andBuildXpo Bil. 1/2023 - a constructionindustry trade show and exhibition. The
stakeholders’ meeting provided a briefing
on the details and objectives of BuildXpo
2023. The meeting also provided an
opportunity for to be participants todiscuss their potential participation in theevent.
by Syafiq Daniel

Behavioral Insights National Conference 2023
MSI attended the " Behavioral Insights National Conference 2023” virtually on 31 March 2023.
This conference was held with the aim of giving exposure to the use of nudging and
Behavioral Insights approaches to increase the effectiveness of the development andimplementation of regulatory policies with the optimal use of resources and achieving theset outcomes. In addition, to improve the knowledge of the use of Behavioral Insights fromexperienced international and local panelists, three breakout sessions was held concurrently
as follows:i. Session 1: Designing andevaluating policy;ii. Session 2: Enhancing existing
policy and regulation; andiii. Session 3: Changing behaviour
through nudge
by Lee Hooi Lan

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09Jemputan Sesi Perbahasan Peringkat Jawatankuasa Parlimen Ke
Atas Rang Undang-Undang Perbekalan 2023 MITIMSI attended Sesi Perbahasan
Belanjawan Tahun 2023 PeringkatJawatankuasa on 22 March 2023 todiscuss MITI and agencies’ fundallocation under Budget Year 2023 forprojects, operation and development
programmes. The discussion wasconducted by YB Liew Chin Tong, theDeputy Minister of MITI.
by Lai Leong Chon

Courtesy Visit to Leon Fuat
On 31 March 2023, Malaysia Steel Institute paid a visit to Leon Fuat Berhad at Bukit Raja, ShahAlam. During the visit, Ms. Syakirah presented the background of MSI where she shared thebenefits of joining MSI as a member and explained various types of training provided by MSI.
Leon Fuat was represented by Mr Calvin Ooi and Ms Ooi Pui San.
Leon Fuat specialises in rolled long steel and flat steel products. As a leading supplier ofmetal and steel in Malaysia, Leon Fuat focuses on carbon steel, mainly in mild steel. Leon
Fuat also is involved on a smaller scale on stainless steel and alloy steel.
by Syafiq Daniel

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09

Steel FactsDID YOU
KNOW?

Fun fact aboutsteel

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13

GLOBALSTEELNEWSRaw Steels MMI:
Continue UptrendU.S.

SteelPrices15 MARCH 2023

SOURCE: HTTPS://WWW.MINING.COM/IRON-ORE-PRICE-SURGES-TO-HIGHEST-IN8-MONTHS-ON-RENEWED-OPTIMISM-AROUND-CHINAS-REOPENING/

The Raw Steels Monthly Metals Index (MMI) rose by 8.74% from March toMarch. The growth was largely due to the massive increase in the U.S.
HRC Futures contract, which jumped by nearly 49%. Because of this, steel
prices reacted accordingly.
HRC prices continue to show bullish strength in the short term, evenbreaking out of their December 2022 highs. However, as prices begin tobreach the $950-1000/ton resistance zone, price action would need toform a new higher low to confirm the potential uptrend. Should they
continue higher, HRC prices would need to form further bullish patterns
to support a possible longer-term bullish trend. A good indicator would
be a retest and hold above 875.

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14

U.S. Steel Prices Surge as Supply Fails to Meet Demand
Steel prices in the United States are once again on the rise, driven bya confluence of factors. Domestic steelmakers continue to raise
prices while supply remains tighter than anticipated due to low
import levels.
How Strong is U.S. Steel Demand for Q1 2023?
Schnitzer
SteelIndustries
Inc.
reportedlower
demandandperformance for the first quarter of its fiscal year 2023. The company
primarily cited a slowdown in growth and inflationary pressures asinfluencing factors.
That said, automotive demand will likely improve in 2023 compared
to last year. For example, U.S. Steel reported better-than-expected
earnings for Q1 of 2023. The company even stated that it is wellpositioned for the year ahead due to infrastructure spending related
to the Inflation Reduction Act.
Meanwhile, Cleveland-Cliffs CEO Lourenco Goncalves stated that hiscompany continues to see strong order activity from automotive
clients. He mentioned this likely has to do with the successful
renegotiation of fixed-price contracts at the end of last year. Those
fixed-price contracts are up significantly from 2022 levels.

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15

With Lower Demand, Can Steel Producers Keep Raising Prices?
Steel producers’ ability to continue increasing prices in 2023 appears
uncertain. This is mainly due to the rising customer inventories andslowing order books. According to The Fabricator, while millannounced steel price hikes appear to have held up for now, many
experts have begun to question whether they will remain sustainable
in 2023.
Even so, U.S. steel producers remain committed to regaining thepricing power they had around this time last year. Unfortunately,market conditions differ significantly. Back then, the U.S. economy
was in a boom cycle with unprecedented demand unleashed byfiscal stimulus.

Today’s economy looks much weaker with adequate, if not growing,
inventory levels and slowing or uncertain demand. In fact, most steelbuyers remain on the sidelines as they work to deplete well-stocked
inventories and manage costs. Some sources also intend to rely
more on contractual supply negotiated at lower fixed prices.
From a European market perspective, the rebuilding of inventories byGerman stockholders and distributors also helped push up prices forflat rolled steel. Steel mills in Germany claim full order books at themoment. Meanwhile, lead times on HRC are reportedly as far out as 11weeks.

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15

HRC and CRC Prices Rise, Plate Price FallThe U.S. market witnessed a decline in steel plate prices in recentmonths. However, prices for hot-rolled coil (HRC) and cold-rolledcoil (CRC) continue to rise. This trend has left many market
participants wondering about the reasons behind the inverse
movement.
This is due to a combination of factors. For starters, war and supply
chain issues dominated steel markets in 2022. This led to pricesurges for both HRC and plate at different times. Now it appears that
careful attention to capacity and market discipline on the part ofproducers, without the pressure from imports, has contributed to therecent price increase.
Biggest Increases in Raw Material and Steel Prices
U.S. Midwest 3-month future prices saw a spectacular rise,increasing by 48.61% from March 1 to March 1. Prices even touched$1174 per short ton.
U.S. shredded scrap prices also increased by 6.3% to $439 per
short ton at the first of the month.
U.S. shredded scrap prices also increased by 6.3% to $439 per
short ton at the first of the month.

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15

Date//Time//Year

About MSI
Malaysia Steel Institute (MSI) is an industry driven enterprise
supported and funded by the Ministry of International 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 standardizationand utilization within Malaysia. For more information, please visit
malaysiasteelinstitute.com and follow us on Facebook, Twitter,
LinkedIn and YouTube.
Tell us what you think of our newsflash. Your input will help us
improve our services to you.

Comms.MSIOur Super Team

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Assistant Manager, IRL

Jarrod Lim

Chief Executive Officer

Syafiq Daniel
Executive, IRL

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January 2023

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Thank you for taking the time to read this Newsflash. Yourattention and interest are greatly appreciated. If you haveany questions or comments, please feel free to reach out tous.

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