Malaysia exempts mandatory standards for steel imports
Malaysia has temporarily suspended its new steel import policy that requires importers to obtain a certificate of approval (COA) for consignments. The suspension . from 13 August to 12 October 2009 . is to ease port congestion caused by delays in testing and quality assurance of steel imports (a COA requirement), Ministry of International Trade & Industry (Miti) sources tell Steel Business Briefing. The affected steel products fall under the HS classification chapters 72 and 73 and do not apply to the 57 long steel products that were enforced on 15 November 2008. The new ruling took effect on 1 August. Representatives of the Airfreight Forwarders Association of Malaysia and downstream steel user industries including the automotive, electronics and aerospace sectors have voiced displeasure over the need to obtain the COA before customs clearance. SBB is told a meeting will be held this week among representatives of Miti, Malaysia's certification, inspection and testing body SIRIM QAS, Malaysian Iron & Steel Industry Federation, Construction Industry Development Board and the Malaysian customs to discuss and identify a list of non-critical steel products. Less stringent COA requirements will apply to these, aiming to reduce port congestion when the suspension period is over. Meanwhile, SBB is told that SIRIM QAS will offset all fees and charges already incurred from 1-12 August 2009 and decentralize COA approvals in all SIRIM branches at the major ports of entry of Penang, Johor Bahru, Kota Kinabalu and Kuching. Currently, all approvals are decided at SIRIM, Shah Alam. Provisions within the new policy also include the halving of import duties on flat products to 25% effective 1 August, with a further reduction to 0-10% by 1 January 2018.
Turkish rebar mills finding it hard to recover input costs
Turkish rebar producers are finding it hard to pass on their raw material costs, market sources tell Steel Business Briefing. Slow demand in export markets is pushing export offers lower, and this sluggish demand is expected to continue for a couple of weeks Turkish rebar export offers are reported to be as high as $520-525/tonne (€365-369/t) fob due to increasing scrap and billet import offers, but slack demand has held prices as low as $495-500/t fob for late September shipment. One market player tells SBB he expects the next two weeks to be quiet, but that market circumstances are forecast to change starting from the second week of September. Some sales have been booked to Egypt for shipment early September. The increase in Egypt's local prices is considered positive by the Turkish mills who believe higher import prices might be accepted by the Egyptian market in the coming weeks.
Malaysia has temporarily suspended its new steel import policy that requires importers to obtain a certificate of approval (COA) for consignments. The suspension . from 13 August to 12 October 2009 . is to ease port congestion caused by delays in testing and quality assurance of steel imports (a COA requirement), Ministry of International Trade & Industry (Miti) sources tell Steel Business Briefing. The affected steel products fall under the HS classification chapters 72 and 73 and do not apply to the 57 long steel products that were enforced on 15 November 2008. The new ruling took effect on 1 August. Representatives of the Airfreight Forwarders Association of Malaysia and downstream steel user industries including the automotive, electronics and aerospace sectors have voiced displeasure over the need to obtain the COA before customs clearance. SBB is told a meeting will be held this week among representatives of Miti, Malaysia's certification, inspection and testing body SIRIM QAS, Malaysian Iron & Steel Industry Federation, Construction Industry Development Board and the Malaysian customs to discuss and identify a list of non-critical steel products. Less stringent COA requirements will apply to these, aiming to reduce port congestion when the suspension period is over. Meanwhile, SBB is told that SIRIM QAS will offset all fees and charges already incurred from 1-12 August 2009 and decentralize COA approvals in all SIRIM branches at the major ports of entry of Penang, Johor Bahru, Kota Kinabalu and Kuching. Currently, all approvals are decided at SIRIM, Shah Alam. Provisions within the new policy also include the halving of import duties on flat products to 25% effective 1 August, with a further reduction to 0-10% by 1 January 2018.
Turkish rebar mills finding it hard to recover input costs
Turkish rebar producers are finding it hard to pass on their raw material costs, market sources tell Steel Business Briefing. Slow demand in export markets is pushing export offers lower, and this sluggish demand is expected to continue for a couple of weeks Turkish rebar export offers are reported to be as high as $520-525/tonne (€365-369/t) fob due to increasing scrap and billet import offers, but slack demand has held prices as low as $495-500/t fob for late September shipment. One market player tells SBB he expects the next two weeks to be quiet, but that market circumstances are forecast to change starting from the second week of September. Some sales have been booked to Egypt for shipment early September. The increase in Egypt's local prices is considered positive by the Turkish mills who believe higher import prices might be accepted by the Egyptian market in the coming weeks.
Malaysian Ringgit Exchange Rate