KUALA LUMPUR (Nov 2): The Steel Wire Association of Malaysia (SWAM) is “disappointed and perplexed” over the imposition of provisional safeguard duties of 13.9% on imported steel wire rods and deformed bar in coils products from Sept 27. “It must be emphasized that anti-dumping duties had already been imposed on steel wire rod imports for a five-year period from February 2013,” said SWAM in a statement. The imposition of provisional safeguard duties will substantially worsen the sustainability of the Malaysian steel wire industry,” it warned. SWAM also questioned the need for the imposition of such safeguard duties, considering at least one of the petitioning companies had been making good profits beginning this year. Hence, there is “little justification” and “contradictory” to include imported alloy steel wire rods in the scope of the safeguard investigation when these are government approved imports.

Source: The Edge Markets November 02, 2016 08:53 UTC