‘Definitive safeguard duties on imported steel products a burden’
KUALALUMPUR: Theimposition of definitive safeguard duties on imported steel concrete reinforcing bar (rebar) and steel wire rods (SWR) and deformed bar in coils (DBIC) will be a burden to builders and contractors, says Master Builders Association Malaysia (MBAM).
In a statement yesterday, MBAM president Foo Chek Lee said the duties would increase the costs of construction projects, which would ultimately be passed on to the rakyat.
“MBAM hopes the government will allow an open market to decide on the price of steel bar based on ‘supply and demand’ especially involving imported steel.
“Nevertheless, MBAM and its members hope the prices of steel bars will remain stable and not escalate out of hand due to the absence of the free flow of imported steel,” Foo said.
The Ministry of International Trade and Industry yesterday announced that in accordance with Section 25 of the Safeguards Act 2006, the government has made a final determination to impose the duties for a three-year period.
The duties for rebar, effective today, would start with 13.42 per cent, which will be reduced to 12.27 per cent in the second year and to 11.1 per cent in the third.
For SWR and DBIC, the safeguard duties would be imposed from April 15 at 13.9 per cent, followed by 12.9 per cent in the second year and 11.9 per cent in the third. — Bernama
MBAM hopes the government will allow an open market to decide on the price of steel bar based on ‘supply and demand’ especially involving imported steel. Foo Chek Lee, MBAM president