M'sian steel counters rally after introduction of safeguard duties
40 countries affected by new ruling, but industry players say that China is main culprit with its dumping activities
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Kuala Lumpur
BATTLING cheaper imports, Malaysia's steel coil and reinforced bar manufacturers received some respite this week after provisional safeguard duties of 13-14 per cent were imposed on steel coils and reinforced bars from 40 countries including China.
A number of counters - having been reduced to penny stock - rallied on Monday on expectations that the ruling would offer some reprieve and improve earnings. Lion Industries rose 6 per cent to 50 sen (16 Singapore cents); Melewar Industrial Group 4 per cent to 60.5 sen; and Malaysia Steel Works 12 per cent to RM1. Kinsteel saw the biggest percentage gain of 27 per cent (1.5 sen) to seven sen.
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