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Malaysia may change from a net importer of steel to a Balance of trade

Since Malaysia joined the "the Belt and Road" initiative, Chinese enterprises, with the assistance of the Malaysian government, have actively built blast furnace converter steel plants in Malaysia. According to the crude steel output data in 2021 released by the World Steel Association, the crude steel output of Malaysia in 2021 will be about 6.9 million tons, and the production capacity will be about 15 million tons. Since 2022, many new blast furnace processes in Malaysia have gradually completed their production capacity. According to the Southeast Asian Steel Association, the country's new crude steel production capacity is expected to exceed 20 million tons by 2025.

By 2025, after a series of new production capacity in Malaysia is put into operation, the crude steel production capacity will reach more than four times its domestic demand, and the supply will significantly increase. In order to alleviate the domestic supply-demand contradiction, increasing exports will become one of the important solutions.

In fact, since 2018, Malaysia's steel imports have been decreasing year by year, corresponding to a significant increase in exports. Considering the numerous new capacity, it is expected that Malaysia may change from a net steel importer to a Balance of trade as soon as 2023.

At present, the domestic political turmoil in Malaysia is still ongoing, and the prospects for steel demand are still uncertain. The steel industry in the country generally expects infrastructure construction projects in cooperation with countries such as Malaysia and China to continue, thereby boosting confidence in the local construction industry and making the growth prospects of steel demand in the country clearer.

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