Ministry of Economy, Trade and Industry required removal of steel import tariff of Malaysian government based on the economy partnership agreement last week. Malaysian government has scheme to allow no tariff import for certain products without domestic production but the scheme takes time consuming procedure. Malaysian government agreed to meet the request.Malaysian Industrial Development Authority (MIDA) allows no tariff import for products without domestic production for Japan and other countries. Japanese steel products are imported without tariff through the scheme. However, the scheme needs 3-month procedure while domestic industry requires termination of the scheme. The scheme could be abolished depending on Malaysian option. Japan and Malaysian EPA is activated in 2006. The countries agreed no tariff trade but Malaysian law is needed adjusted for the free trade. Through Malaysian adjustment, Japanese steel products could be imported without tariff regardless of MIDA scheme.
Japan Steel Scrap Composite Prices (Sangyo Press)06/21/2018
|34500YEN (-)||38800YEN (-)|
|309.61US$ (-0.95)||348.2US$ (-1.07)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)