Malaysian iron and steel products exports grew by 23.7pc in June from the prior year and up by 13pc from May amid a slowdown in domestic steel consumption. Iron and steel imports fell by 7.8pc in June from the prior year and increased by 54.3 from May in value terms, according to the official trade data.
| Malaysia’s iron and steel trade in June | ||||
| (Unit: MYR mn) | Jun-20 | MoM Change | H1 2020 | H1 change YoY |
| Exports | 1,892.90 | 13.0% | 11,594.80 | 28.6% |
| Imports | 2,145.90 | 54.3% | 12,437.60 | -14.7% |
Exports
In June, Malaysia exported iron and steel products of MYR1,892.9mn ($446.14mn), up 23.7pc from June 2019 and up 13pc from May.
For the quarter (Q2, April-June) iron and steel products exports rose by 6.1pc from MYR5,696.8mn and decreased by 3.4pc from Q1.
In H1 (Jan-June), Malaysia exported iron and steel products worth MYR11,594.8mn, which is up by 28.6pc from exports of MYR9,014.1mn in the prior year period.
Malaysia exports nearly 30pc of its iron and steel products to ASEAN countries.
Imports
In June, Malaysia imported iron and steel products of MYR2,145.9mn, down by 7.8pc from June 2019 and up by 54.3pc from May.
Iron and steel products imports dropped by 29.1pc in Q2 to MYR5,386.7mn and decreased by 23.6pc from Q1.
In H1, Malaysia exported iron and steel products worth MYR12,437.6mn, down by 14.7pc from exports of MYR14,577.9mn in the prior year period.
Manufacturing in Malaysia fell by 1.2pc, while mining dropped by 42.5pc, according to the country’s Producer Price Index (PPI) of local production, which showed an overall declined of 4.0 per cent in June 2020.
In 2019, Malaysia produced an estimated 4.5mn mt of crude steel and imported 7.4mn mt of steel, according to World Steel Association. Steel exports from Malaysia are steadily rising as the country has ramped-up production, finished steel exports from Malaysia increased to 2.74mn mt in 2019, according to Malaysian Iron and Steel Federation.