Contractors decry government's safeguard duties on steel imports

KUALA LUMPUR (April 14): Local contractors have decried the government's move to impose final duties on rebar, steel wire rods and deformed bar in coils import for three years, starting today.

"We are strongly against the imposition of these additional duties for three years until April 13, 2020. The imposition of the duties will definitely increase the cost of construction projects which will ultimately be passed on to the rakyat," said Master Builders Association Malaysia (MBAM) in a statement today.

MBAM said it hopes the government will allow an open market to decide on the price of steel bar based on supply and demand, especially involving imported steel.

Meanwhile, it hopes that prices of steel bars will "remain stable and not escalate out of hand due to the absence of the free flow of imported steel".

The final determination under Section 23(3) of the Safeguards Act 2006 sees final duties of 13.42% for year 1, 12.27% for year 2 and 11.10 % for year 3 imposed on rebar, steel wire rods and deformed bar in coils imports. — theedgemarkets.com

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