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Overview of the Steel Industry in Malaysia and How to Buy Steel?

Flag of  Malaysia

 

Brief introduction of the country

  • The capital of Malaysia is Kuala Lumpur
  • It has a population of 31,949,777.
  • The total area is 329,847 km2.
  • The official language of Malaysia is Malay.
  • The currency is Malaysian Ringgit.

 

Economic statistics of the country

Malaysia is the 15th largest economy in Asia and 40th in the world. It has a GDP of $364.681 billion. The largest industries of Malaysia are:

  • Manufacturing
  • Mining and quarrying
  • Construction
  • Agriculture

 

Economy breakdown

  • Agriculture 7.28 %
  • Services: 54.17%
  • Industry 37.42%

 

Main Importers of Malaysia’s Goods

  • China 13.3%
  • Singapore 13.3%
  • United States 11.3%
  • Hong Kong 6.3%
  • Japan 5.97%

 

Main Exporters to Malaysia

  • China 23.9%
  • Singapore 13.6%
  • Japan 6.28%
  • United States 6.2%
  • Thailand 4.89%

 

Steel Use in Malaysia

Given the economic growth of Malaysia, it is an attractive country for steel trade. Malaysia’s steel industry is diverse and includes steel for:

  • Construction industry
  • Manufacturing industry
  • Mining industry
  • Agricultural industry.

The iron and steel industry contributes to about 2.9% of GDP in Malaysia.

 

Steel use in Malaysian construction

 

  • Construction Industry
  • Most of the steel consumption in Malaysia is by the construction industry. Steel is the backbone of any construction industry. It is used in buildings and infrastructure projects because it binds well with concrete and is strong and cost effective. It is used to construct bridges and commercial and residential buildings.

  • Manufacturing Industry
  • Steel is largely used in the manufacturing industry. It is used for the manufacturing of automobiles, various tools and equipment, machinery, electronics, transport, and many other products of national and international importance.

  • Mining Industry
  • Steel has many applications in the mining industry because of being inexpensive and its qualities of being long-lasting, strong but light, and corrosion resistant. It is used in the mining industry of Malaysia to make heavy mining machinery, tools and equipments, and mining site structures.

  • Agricultural Industry
  • Steel is commonly used in the agricultural industry for making agricultural structures like barns and greenhouses etc. It is also used in making water regulation systems. Moreover, it is also used for the making of farming and harvesting machineries like tractors, threshers, plows, cultivators, and rollers etc.

 

Seaports and Trading Hubs of the Country

Malaysia is accessible by both land and sea. For international trading, the main seaports are:

  • Port Klang
  • Penang Port
  • Johor Port
  • Kuantan Port
  • Bintulu Port

 

Port Klang, Malaysia

For importing the good, Camasteel uses the largest port, Port Klang.

What Steel does Malaysia Import?

According to the latest trade data, Malaysia imported $865 million in flat rolled stainless steel, $283 million flat flat-rolled steel and $185 million steel bars. Other steel imports include steel such as:

 

What Regulations are there on Importing Steel to the Country?

It is important to first notify customs of the exact product that is being imported. This is important for customs clearance. Notifying the exact product to customs will enable you to know which duties and taxes are applicable and which permits, or licences are required. The import of certain steel products requires permits and Malaysia’s customs have implemented regulations for such imports.

Why should Malaysia Import Steel?

1. Availability -The local steel industry has extremely limited capacity and many customers require steel an abundance of steel in an efficient manner. It is highly in demand by the construction industry. Due to the immense increase in the demand of steel, it is necessary for Malaysia to import it in order for it to meet the country’s needs.

2. High Steel Cost – Due to the high domestic competition and high costs of production, steel is more expensive to buy locally than it is in the international market. Malaysia spent very less on iron and steel in the previous years but due to increase in demand in 2019 about $7.6 billion was spent on the import of iron and steel to fulfil the requirements of various leading industries.

3. Steel Quality – While a majority of international steel suppliers have good company reputations and quality, small local producers have diverse or poor steel quality. Local steel suppliers do not have good reputations and are generally not trusted much due to the low quality of their products. Therefore, in order to get superior quality products that meet the standards of the clients, internationally acclaimed suppliers are the best option.

Where can I Buy Steel for Malaysia?

Camasteel has been exporting steel to clients in Malaysia. If you are looking to import steel in bulk and achieve cost-savings, then look no further because Camasteel provides superior quality products at reasonable costs. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation.
We also ship worldwide; for other countries, check out our experience here: