PETALING JAYA: The recovery in the price of steel bars and wire rods has failed to sustain the bullish sentiment on the producers. Although steel prices are up by over 10% year-to-date, the recovery in the stock prices of steel producers was shortlived after two days of increases. The steel counters succumbed to profit-taking despite the positive outlook in global steel prices yesterday. For Malaysia, the higher steel prices, particularly from China, had increased the landed cost of steel imports. “Should our petition be approved, the local steel industry will get similar protection already imposed in Thailand and Indonesia to prevent anti-dumping of imported steel goods,” added Soh.

Source: The Star September 14, 2016 23:32 UTC