PETALING JAYA: Domestic steel bar manufacturers have no control over steel prices, as the domestic steel prices are subject to the global supply and demand dynamics, said the Malaysian Iron and Steel Industry Federation (Misif) and Malaysia Steel Association (MSA).

       Steel bar users, such as contractors and housing developers, have been able to import steel bars at zero import duty without the need for an approved permit (AP) since 2008.

       “We welcome engagements with relevant ministries and associations for further deliberation,” said Misif and MSA in a joint statement yesterday.

       According to them, steel products account for only approximately 3% of the total housing project cost and both Misif and MSA are not aware of any cartel dominance in the iron and steel industry.

       They noted that steel bar prices had increased in the first half of 2021.

       This was owing primarily to strong demand resulting from the global economic recovery and the hike in raw material prices, particularly scrap, iron ore and coking coal, due to supply tightness and global supply chain disruption. — Bernama