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PETALING JAYA: Steel-related counters in Bursa Malaysia started the week with large additional gains after the government announced the second round of anti-dumping duties on foreign steel products in less than a week.
With the new anti-dumping tariffs, investors appear to expect an improvement in demand for locally made steel products, which could further support the recovery of earnings in the steel sector towards 2021.
Among the 30 most active accountants in Bursa Malaysia were steel players.
These include Melewar Industrial Group Bhd
, Malaysia Steel Works (KL) Bhd (Masteel), Hiap Teck Venture Bhd, Lion Industries Corp Bhd and Mestron Holdings Bhd.
Despite the market recovery that took place for most of this year, stock prices for steel-related accountants have largely stalled as investors have stayed away from the sector.
However, thanks to the news of anti-dumping duties and the recovery game in the sector, these accountants are finally waking up from a deep slumber.
Yesterday, Masteel rose 34.58% to 72 sen, its highest level in more than two years, while Lion Industries gained 17.46% to 74 sen, its highest level since mid-2018.
Melewar increased 74.63% to 58.5 sen, Mestron Holdings Bhd gained 10.26% to 21.5 sen, Mycron Steel Bhd increased 52.69% to 71 sen and Hiap Teck (pictured) rose 5.49% to 48 sen.
Melewar was up 74.63% to 58.5 sen, Mestron Holdings Bhd was up 10.26% to 21.5 sen, Mycron Steel Bhd was up 52.69% to 71 sen, and Hiap Teck (pictured) was up 5, 49% at 48 sen.
The country’s largest steel producer by market capitalization, Ann Joo Resources Bhd, jumped 12.24% to RM1.65 per share.
Malaysia announced yesterday that it would impose provisional anti-dumping duties on imports of cold-rolled stainless steel in coil, sheet or any other form (subject merchandise) from Indonesia and Vietnam.
The Ministry of Industry and International Trade (Miti) said that it had completed the preliminary determination of the anti-dumping investigation with respect to imports of the subject merchandise originating from or exported from the alleged countries and found that there was sufficient evidence for further investigation.
“The government, therefore, has decided to impose a provisional measure, which will be in the form of provisional anti-dumping duties secured by a guarantee equivalent to the amount of the dumping margins determined in the preliminary determination.
“Provisional anti-dumping tariffs ranging between 7.73% and 34.82% will be applied on imports of the merchandise subject to the alleged countries and will come into effect no more than 120 days from December 26, 2020”, Miti said yesterday in a statement.
Last week, the government imposed anti-dumping duties on certain flat-rolled steel products from China, South Korea and Vietnam for five years.
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