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

Published Mon, Sep 26, 2016 · 09:50 PM

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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