Imports of ferrous scrap into Malaysia increased by 53.38pc to 2,769,027mt in the Jan-Nov 2019 period, from 1,805,253mt in the prior year period, according to Davis Index analysis.
The largest exporter of ferrous scrap to Malaysia, the US, exported 1,023,042mt in the period, up from 719,766mt in 2018. Japan exported 596,798mt of ferrous scrap to Malaysia, followed by Singapore, Australia and Hongkong which exported 239,742mt 184,484mt and 161,094, respectively.
In Jan- Nov 2018, the US, Japan, Singapore, Australia and Hongkong exported 719,766mt; 89,668mt; 231,022mt; 177,052mt and 132,920mt of ferrous scrap, respectively. In November 2019, Malaysia’s imports of ferrous scrap were at 153,448mt, up from 151,959mt in November 2018.
Malaysia’s apparent steel consumption is likely to surpass 12mt mt by 2025, according to the Malaysian Iron and Steel Industry Federation (MISF). The key drivers of growth for the Malaysia’s steel industry are likely to be the auto, industrial machinery, electrical equipment, and metal products manufacturing sectors, which are expected to contribute more than the construction sector.