Malaysia slaps 15% duty on ferrous scrap exports
Posted on 22 March 2021
Malaysia has imposed a 15% export duty on ferrous scrap, Kallanish understands. The duty takes effect from 25 March 2021.
The scrap items which are affected are categorised under HS subheadings 7204.10.00.00, 7204.29.00 00. 7204.30.00 00, 7204.41.00 00 and 7204.49.00 00, according to Malaysia's Federal Government Gazette published on 19 March 2021. Malaysia's total exports of these ferrous scrap materials totaled 439,246t during full year 2020. The main recipient countries were India which took in 168,778t, followed by Indonesia which imported 99,646t and Singapore, 69,199t, according to data from GTT.
"This could be a good move to reserve resources for the local industry," a Kuala-based Malaysian steel industry source notes on Friday. Last year, Malaysia imported 1.39m tonnes of the ferrous scrap. Of this total, Japan was the largest supplier at 660,673t. followed by the US with 367,849t. Australia and Singapore were the next largest scrap exporters to Malaysia with 59,551t and 52,504t.Source : Kallanish