Myanmar Steel Association (MSA) has appealed to the country’s government to strengthen its domestic steel industry. The industry body is also making efforts to set up iron and steel industrial zones in Ayeyawady, Taninthayi regions as well as in the Rakhine and Mon states. These projects are expected to commence in the next five years.
MSA has also sought tax reliefs, land reliefs, and measures to safeguard the domestic industry by controlling illegal imports and levying anti-dumping duties on imports less than fair value.
The country is a net importer of iron and steel. Around 92pc of its consumption is catered to by overseas markets. Total steel demand in the country is estimated to be around 2.5mn mt per year. Demand is likely to grow up to 5.4mn mt per year in 2030, according to the association.
The total value of the imported iron and steel was around $893.8mn in eight months of the current fiscal year 2019-2020 ending Sep 2020, according to the data from the Ministry of Commerce.
The country is planning to substitute its imports with local production of steel to reduce the outflow of currency and help the steel industry.
As per MSA, China is the major steel supplier country for Mayanmar, followed by India and the Republic of Korea.