2023

FEBRUARY

THE 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

RM2,625 - RM2,713

RM2,822 - RM2,905

RM3,100 - RM3,215

Average International Price (per MT)
04 Scrap Iron

RM1,688 - RM1,818

05 Iron Ore

RM439 - RM490

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02

Trade Performance
Malaysia's Trade
Performance
January-February 2023
Malaysia’s Iron and Steel total trade value in February 2023
contracted by 18.0 percent to RM4.1 billion compared to RM5.0
billion in February 2022 for the same period. Trade balance has
improved to trade surplus of RM171.0 million from trade deficitof RM37.0 million for the same comparison period.
Malaysia’s iron & steel export in February 2023 down by 16.0
percent to RM2.1 billion from RM2.5 billion in February 2022.
Three main export destinations in February 2023 were Hong
Kong, Singapore and United States accounting for 20.0, 12.2
and 8.3 percent of the total export value respectively.
Malaysia’s iron & steel import in February 2023 declined by 20.0
percent from RM2.5 billion in February 2022 to RM2.0 billion inFebruary 2023. Imports from China, Indonesia and Japanaccounted for the top three (3) spots representing 24.2, 13.0
and 12.6 percent of the total import value respectively.
From January to February 2023, the total trade value of the Iron
and Steel products stood at RM8.0 billion in 2023 compared toRM11.1 billion in the same period in 2022, a reduction by 27.9
percent. Further, the trade balance improved from a trade
deficit of RM288.0 million in 2022 to a trade surplus of RM337.0
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
February 2023: RM4.1 billion

18.0 % M-o-M change

February 2022: RM5.0 billion

Month Balance of Trade
February 2023: RM171.0 million
Trade Surplus

562.2 % M-o-M change

February 2022:
01 RM37.0 million
Trade Deficit

Month02 Export
February 2023: RM2.1 billion

16.0 % M-o-M change

February 2022: RM2.5 billion

Month ImportFebruary 2023: RM2.0 billion

20.0 % M-o-M change

February 2022: RM2.5 billion

YTD Trade Value
Jan - Feb 2023: RM8.0 billion

27.9 % Y-o-Y change

Jan - Feb 2022: RM11.1 billion

YTD Balance of Trade
Jan - Feb 2023: RM337.0 million
Trade Surplus
Jan - Feb 2022: RM288.0 million
Trade Deficit

217.0 % Y-o-Y change

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Chinese New Year Function 2023

by Lee Hooi Lai

Malaysia Steel Institute (MSI) wasrecently invited to participate inseveral Chinese New Year functions,including the MMRA CNY Open House,
MASTEEL CNY Lunch, MSMDA CNY
Celebration, BMDAM 2023 Chinese
New Year event, FMHMBA Chinese
New Year Gathering Dinner 2023, andNetworking Session CNY MITI. Theseevents were organized to celebrate
the arrival of the Chinese New Yearand promote cultural exchange andcommunity building.
During these events, MSI had theopportunity to network and connect
with the steel as well as other industry
players and stakeholders, including
government
officials,
businessleaders, and members of the generalpublic.
by Syafiq Daniel

https://malaysiasteelinstitute.com/05Courtesy Visit to Syarikat Logam Unitrade Sdn. Bhd.
On 10th February 2023, MSI has a courtesy visit to Syarikat Logam Unitrade, one ofthe new addition as MSI member. Founded in 1978, Syarikat Logam Unitradeprides itself as the leading building materials supplier in Malaysia. They supply an
extensive range of top-quality hardware products forplumbing, fire protection,air-conditioning,watertreatment, electrical, andcivil contractors.
by Syakirah Ibrahim

Luncheon - Malaysia Steel Institute (MSI) Board of Directors andChief Executive Officer
On 14th February 2023, Mr. Lim Keng Yow hosted a luncheon for the Malaysia SteelInstitute Board of Directors at Chynna Hilton, Kuala Lumpur. This luncheon aimed tofacilitate a more relaxed and informal setting among board members to shareideas, exchange views and explore the way forward for MSI.
by Syafiq Daniel

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06

Invitation to the Government Sustainability Engagement
Programme (GSEP)
The Ministry of International Trade andIndustry (MITI) in collaboration withMATRADE
organised
theGovernment
Sustainability Engagement Program (GSEP)
on 14th February 2023, at MITI KL. Theplatform
helpedthedissemination
information on GSEP to ensure thestakeholders in the public sector areequipped with knowledge and awareness on
the issue of sustainability in the context ofinternational
trade,investment,andindustry. It is hoped that the knowledge
gained will help the private sector to adapt
the elements of sustainability in theirbusiness.
by Lee Hooi Lan

MITI Retreat 2023

MSI participated in a 3-day MITI retreat from 16th -18th February 2023 at Genting Highlands. The
objective of the retreat was to brainstorm the way forward for MITI and agencies. The retreat wasattended by the top management of MITI and agencies. MITI Deputy Minister, YB Liew Chin Tongdelivered his opening remarks, followed by a forum on Scenario Setting themed: Global andMalaysia Economic Outlook. Panel of experts from the World Bank, Bank Negara Malaysia,
Khazanah Nasional Bhd, and the Social Economic Research Centre participated in the forum.
On the second day, YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz delivered thekeynote address to set the expectations, direction and focus areas. A focused session followed
titled, “Preferred Investment Destinations and Embracing the ESG Transformation”, where industry
stakeholders made presentations that formed the basis for further discussions to formulate
strategies and action plans for MITI and agencies in 2023.
On the final day, the outcomes of brainstorming were presented to the top management of MITI,
led by the Minister, for consideration. The top management provided constructive views to further
clarity to the final outcome to achieve a holistic action plan for the transformation.
by Lai Leong Chon

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Courtesy Visit from Deputy Minister of MITI, YB Liew Chin Tong toMSI
On 22th February 2023, the deputy minister of MITI, YB Liew Chin Tong visited theMalaysia Steel Institute to gain a deeper understanding of the iron and steel
industry in Malaysia. The objective of this visit was to be updated the latest
advancements in steel manufacturing, as well as to gain insights into thechallenges facing the industry and the significant role that the steel industry plays
in Malaysia’s economy.
by Syafiq Daniel

https://malaysiasteelinstitute.com/

08Jemputan Menghadiri Majlis Perhimpunan Perdana MITI dan
Agensi Bil.1/2023
MSI attended the First MITI Assembly with the Minister of MITI, YB Senator
Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, including MITI and its
agencies on 27th February 2023.
The Minister called for MITI and agency staff to be updated of the current
issues so they can provide the appropriate support. The Minister further
called for the staff to work together with stakeholders and industrialists tolead the country's development.
Finally, all MITI citizens and agencies to continue to strive to strengthen thecountry's economy, generate better job opportunities for Malaysians, andboost Malaysia as a leading mover in the global arena.
by Syakirah Ibrahim

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Courtesy Visit from Humanology Sdn. Bhd.
On 13th February 2023, MSI received acourtesy visit from Humonology Sdn. Bhd.
(HSB) to share information on humanology(scienceofunderstanding
humanbehaviour) cooperation as a strategic
partner. An invitation was also extended toscientificsharing
meetings
throughhumanotorial journals.
HSB provides consulting, research, andtraining services to public and private sector
organizations. The company assists inproductivity improvement of companies
through providing behavioral insights,
especially Good Regulatory Practice (GRP).
HSB is also a strategic partner of, among
others, the Department of Standards
Malaysia, the Occupational Safety andHealth Department, CEDAR, DRB-Hicom
University, BioEconomy.
In addition, HSB is also an advisor to marketing programs and business programs forvocational colleges under the Malaysian Ministry of Education. MSI hopes thecollaboration with HSB will assist in providing training to the steel industry.
by Lai Leong Chon

Stanta Mauser (M) Sdn Bhd - Meeting Session with MITI
On 15th February 2023, met with YBTM, facilitated byCEO MSI. During this session, Stanta Mauser made apresentation to share and update information
pertaining to the current challenges in the steel
drum industry. Stanta Mauser hopes to get the
support from the government, especially inexporting Malaysian made steel drums toneighbouring countries.
by Syafiq Daniel

https://malaysiasteelinstitute.com/

10Strategic Development Industries on Renewable Energy
On 24th February 2023, the Malaysia SteelInstitute (MSI) organised a renewableenergy engagement session attended byrepresentatives from SWAM, FMHMBA,MISIF, MSMDA, and Syarikat Logam
Unitrade. The objective of the session wasto obtain input from industry members on
the issues related to solar power
application and a proposal by TechnicalExpert Hasilwan (M) Sdn. Bhd. on
mechanisms and available grants that will
benefit the industry.
by Syafiq Daniel

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11

HRD Proposal to FMHMBA (MSI Briefing Training)
On 10th February 2023, MSI
presentedtocommittee
membersofFMHMBA
oncustomised
training
programmes that MSI can offer
toimprove
their
staff
competency and productivity.
Among the training areas
proposed
includequality
management,
safetymanagement, trade practices
services, technical, softskills
and Environmental, Social &Governance (ESG). All training
programmes are HRD Corp
Claimable. Moving forward, MSI
will also engage with state
associations and individualcompanies to conduct thetraining programme.
by Lai Leong Chon

https://malaysiasteelinstitute.com/

12

Steel FactsDID YOU
KNOW?

Fun fact aboutsteel

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13

GLOBALSTEELNEWS

Iron Ore Price Surges to 8-Month Highon Renewed Optimism Around China’s
Reopening
21 FEBRUARY 2023

SOURCE: HTTPS://WWW.MINING.COM/IRON-ORE-PRICE-SURGES-TO-HIGHEST-IN8-MONTHS-ON-RENEWED-OPTIMISM-AROUND-CHINAS-REOPENING/Iron ore prices rose on Tuesday on renewed optimism around China’s
reopening.
Benchmark 62% Fe fines imported into Northern China rose 1.55%, to$131.57 per tonne, the highest since June 2022.

The most-traded May iron ore on China’s Dalian Commodity
Exchange ended daytime trade 3.4% higher at 919 yuan ($133.80) atonne. It earlier hit 922 yuan, the strongest for the Dalian-tradedcommodity since July 2021.
On Tuesday, BHP Group flagged a brightening demand outlook inChina.
BHP’s confidence in China’s economy was buoyed by green shoots
since the start of the calendar year, including new loans, house
prices, and business sentiment surveys, CEO Mike Henry said.
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14

“There’s a lot there that is giving us confidence that we will see anacceleration in the Chinese domestic economy,” he told reporters on
a conference call.
“Fragile shoots of an emerging Chinese steel demand recovery
appear to be slowly developing strong roots, as bullish highfrequency data extended into a second consecutive week,” Navigate
Commodities Managing Director Atilla Widnell said in a note.
“If this trend extends for a third consecutive week – and there’s little
to suggest otherwise – this should continue to reinforce the renewed
optimism around China’s reopening narrative.”
Rebar on the Shanghai Futures Exchange climbed 2.1%, hot-rolled coilgained 1.4%, wire rod rose 3%, and stainless steel added 1.6%.

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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

Syakirah Ibrahim

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.

Address

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Telephone

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EmailSyafiq Daniel: daniel@malaysiasteelinstitute.com
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