2024
February

THE STEELNOTICEBOARD

Average Monthly Steel Products
Selling Price (per MT)
Billet - RM2,525 - RM2,598
Rebar - RM2,805 - RM2,908
Steel Wire Rod - RM2,775 - RM2,900

Average Monthly Raw Material
Price (per MT)
Scrap Iron - RM1,529 - RM1,759
Iron Ore - RM573 - RM735

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Trade Performance of Malaysia
Iron & Steel Industry
January - February 2024
Malaysia’s Iron and Steel total trade value in February 2024 increased by 43.9 percent to RM5.9
billion from RM4.1 billion reported in February 2023. Trade balance has improved to trade surplus ofRM621.0 million from trade surplus of RM178.7 million for the same comparison period.
Malaysia’s iron & steel export in February 2024 rose by 57.1 percent to RM3.3 billion compared toRM2.1 billion in February 2023. Three main export destinations in February 2024 were Hong Kong,Korea and Singapore accounting for 14.9, 7.8 and 6.7 percent of the total export value respectively.
Malaysia’s iron & steel import in February 2024 expanded by 30.0 percent from RM2.0 billion inFebruary 2023 to RM2.6 billion in February 2024. Imports from China, Japan and Korea accounted
for the top three (3) spots representing 27.9, 16.8 and 10.1 percent of the total import value
respectively.
From February to February 2024, the total trade value of the Iron and Steel products stood atRM12.7 billion in 2024 compared to RM8.0 billion in the same period in 2023, an increase by 58.8
percent. Further, the trade balance improved from a trade surplus of RM344.5 million in 2023 to atrade surplus of RM824.3 million in 2024 during the same period of comparison

Month Trade
Value

Month Balanceof Trade

ReachFebruary 2024: RM5.9 billion
February 2023: RM4.1 billion
February 2024: RM621.0 million
Trade Surplus
February 2023: RM178.7 million
Trade Surplus

MonthExport

February 2024: RM3.3 billion

MonthImportFebruary 2024: RM2.6 billion

YTD
Trade Value

Jan - Feb 2024: RM12.7 billion

February 2023: RM2.1 billion

February 2023: RM2.0 billion

Jan - Feb 2023: RM8.0 billion
Jan - Feb 2024: RM824.3 million
Trade Surplus

YTD
Balance of Trade Jan - Feb 2023: RM344.5 million
Trade Surplus

Conversion

Cost

43.9%M-o-M Change

247.5%M-o-M Change

57.1% M-o-M Change

30.0% M-o-M Change

58.8%M-o-M Change

139.3%M-o-M Change
Page 02

MSI WITH YOUAJSI Webinar 2024 - Achieving Carbon
Neutrality in the Steel Sector

The ASEAN-Japan Steel Initiative (AJSI) is a public-private initiative
launched in 2014, with the aim to exchange knowledge andexperience and further contribute to energy saving & environmental
protection in ASEAN. AJSI Webinar 2024 - Achieving Carbon Neutrality
in the Steel Sector was held on 6 February 2024. The webinar wasopened to steel industry stakeholders in ASEAN countries and Japanthat introduces market mechanisms and EAF company initiatives
towards carbon neutrality.

Visit to Bimage Training Centre
On 20 February 2024, MSI visited Bimage Consulting Sdn. Bhd.
(Bimage) training centre to gain insight into IR4.0 and digitaltransformation Bimage specialises in technology-driven solutions forthe steel and construction industry and offer comprehensive
expertise across various sectors.

Page 03MITI's Chinese New Year
Celebration in 2024
MITI held the Chinese New Year 2024
celebration at Dewan Perdana, Menara
MITI, Kuala Lumpur, on 22 February 2024.
The event was graced by the Minister ofMITI, YB Senator Tengku Datuk Seri Utama
Zafrul Tengku Abdul Aziz and attended by
the top management of MITI, heads ofagencies within MITI, and agency staff.
Additionally, the celebration was furtherenlivenedby
thepresenceof
representatives from embassies, unions,industry players, and media partners. Thecelebration provided a friendly andinformal networking platform for allpresent

FMM Council Swearing-In Ceremonyand Media NightOn 21 February 2024, Mr. Lim Keng Yow attended the Swearing-in Ceremonyof the FMM Council members at Le Meridien, Kuala Lumpur. This event wasofficiated and witnessed by YB Senator Tengku Datuk Seri Utama Zafrul
Tengku Abdul Aziz, Minister of the Ministry of Investment, Trade and Industry.

Page 04

Melewar Steel Tube 's
Chinese New Year Open House 2024
Melewar Steel Tube Sdn Bhd's Chinese
New Year 2024 open house reflected thecompany's
commitment
tobothtraditionandinnovation.
Guestsexperienced featuring captivating lion
dances, traditional music performances,
and a delectable spread of festive
treats. This event not only honoured
Chinese culture but also served as aplatform for Melewar Steel Tube Sdn.
Bhd.
toexpress
gratitude
toits
stakeholders and strengthen bonding
within the community.

MSMDA Chinese New Year
Open House 2024
The Chinese New Year open house of
the Malaysia Steel & Metal Distributors'
Association (MSMDA) was held on 22
February 2024 symbolising unity andprosperity
withintheindustry.
Attendees had a dynamic blend of
traditional festivities, alongside modern
networking
opportunities
anddiscussions on industry trends. As anannual tradition, the MSMDA open
house serves as a platform for forging
stronger bonds and collaborations
within the steel and metal distributionsector.

Page 05

Perhimpunan Bulanan Miti
dan Agensi Bil. 2/2024
Secara Maya
The MITI Monthly Meeting with the Agency was held virtually for the firsttime in 2024. The Minister of MITI, YB Senator Tengku Datuk Seri Utama
Zafrul Tengku Abdul Aziz, commenced the meeting with his openingaddress. One of the points he shared was the success in obtaining
approved investments totaling RM329.5 billion in 2023. This amountrepresents a 23.0% increase compared to 2022, YB Minister also emphasized
the importance of cooperation among all staff, stressing the need toenhance efficiency and work quality among officers to achieve theMinistry's goals set.

Malaysia Steel Works (KL) Bhd.
Chinese New Year Lunch 2024
The Chinese New Year 2024 open househosted by Malaysia Steel Works (KL)
Bhd. was held on 23 February 2024 atCopper Manison, is a cornerstone event
for Malaysia Steel Works (KL) Bhd. Theopen house not only celebrated the richheritage of Chinese culture but also
served as an opportunity to strengthen
relationships with clients, partners.
Among the guests, dignitaries included YBhg. Tan Sri Dato' Soh Thian Lai,
president of Federation of Malaysian Manufacturers (FMM) and Former MITI
Deputy Minister Dr. Ong Kian Ming.

Page 06

BMDAM Chinese New Year
Dinner 2024
The BMDAM 2024 Chinese New
Year Dinner, held at the Grand
Imperial
Restaurant,
SunwayPinnacle on 27 February, 2024,
wasa
resoundingsuccess.
Attendees
enjoyedalavishspread of delectable food anddrinks, fostering an atmosphereof conviviality that add spice tothe celebration.
Beyond the culinary delights, the event provided ample opportunities forsocial connections and valuable networking, further strengthening bonds
within the business community.

FHMHMBA Chinese New Year
Gathering Dinner 2024
The Federation Malaysia Hardware, Machinery & Building Materials Dealers'
Association (FMHMBA) hosted its Chinese New Year Gathering Dinner on 29
February 2024, marking a festive occasion filled with camaraderie andgoodwill. Held amidst the backdrop of joyous celebrations, the event served
as a platform for members to forge stronger ties and discuss industry
trends. With a blend of traditional customs and modern networking
opportunities, the gathering exemplified the spirit of unity and collaboration
within the hardware, machinery, and building materials community.

Page 07

Bridging Gaps
MITI Retreat 2024
The MITI Retreat 2024, held on 2 -3 February 2024 at the SIRIM
Headquarters in Shah Alam, Selangor, was a resounding success,fostering collaboration and strategic planning to draw the 2024
targets for the Ministry of Investment, Trade, and Industry (MITI).
Leaders within MITI agencies, actively participated in discussions andworkshops outlined in the programme.
The retreat provided a platform for insightful exchanges of ideas,
aimed at enhancing the nation's investment climate, trade strategies,
and industrial development initiatives.
The MITI Retreat 2024 also strengthened inter-agency collaboration,clarified strategic objectives, and actionable plans were established,poisedtocontributesignificantlyto
Malaysia'seconomicadvancement and global positioning in the years ahead.

Page 08

Mesyuarat Pengurusan Perpustakaan
Miti dan Agensi Bil. 1/2024
The objectives of the meeting are todiscuss and present the joint planningof programmes and activities to be
implemented throughout the year by
theMITI
LibraryandAgency.
Additionally, the meeting serves as aplatform for sharing best practices by
the MITI Library and MITI Agencies indelivering library services to users, aswell as enhancing ideas to strengthenlibrary services and resolve any librarymanagement issues.

Page 09

Fun Fact
about
Steel

Source: World Steel Association Website
Page 10

MALAYSIA
STEEL

NEWS

STEEL, CEMENT PRICES CONTINUE TO RISE LASTMONTH
Submitted By: Adib Povera | Date Submitted: 8 March 2024
link to article: https://www.nst.com.my/news/nation/2024/03/1022988/steel-cementprices-continue-rise-last-month
KUALA LUMPUR: The price index of steel registered an increase of between 0.1 per cent and1.9 per cent in almost all areas last month compared to January this year, the Departmentof Statistics said.
Chief statistician Datuk Seri Mohd Uzir Mahidin said Kota Kinabalu in Sabah recorded thehighest increase in the unit price of steel ( 1.9 per cent), followed by Terengganu andKelantan, as well as Sibu in Sarawak (0.7 per cent respectively).
"A month-on-month comparison of the unit price index of steel and metal sections
remained unchanged for most areas in Peninsular Malaysia, Sabah and Sarawak," said
Uzir in a statement today (March 8).
The unit price index for cement, he added, also remained unchanged for almost all areas
in Peninsular Malaysia, Sabah and Sarawak last month.
"However, there was a slight increase for these materials' price indices in Perak (0.4 percent) and Penang, Kedah and Perlis (0.1 per cent respectively)."
He added that an annual comparison for last February and the same month this year
showed that the unit price index of cement increased between 0.9 per cent and 10.2 percent for all areas in Peninsular Malaysia, Sabah and Sarawak.
He, however, said there was a slight drop in the unit price index of these materials in Kota
Kinabalu and Kuching.
An annual comparison for price index per unit of steel showed a decrease between -0.2
per cent and -5.3 per cent last month, compared to the corresponding month of theprevious year.
"However, the areas that recorded increases in the price index per unit of steel were Johor(2.1 per cent), Sibu (1.7 per cent) and Kota Kinabalu (0.5 per cent)," Uzir said.
He added that the average price of cement (Ordinary Portland) in Malaysia remained
unchanged compared to February this year, with an average price of RM22.97 per 50kg
bag.
"The average price per unit of steel, consisting of mild steel round bars and Mycon 60 hightensile deformed bars recorded a slight increase of 0.4 per cent with an average price ofRM3,679.54 per metric tonne, compared to the previous month (February 2024: RM3,664.51
per metric tonne)," he said.

Page 11

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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