Companies using Chinese yuan will be given priority for iron and steel import licenses

About 92 percent of Myanmar's iron and steel needs are imported from abroad. About 3 million tons of iron and steel and related products are imported each year. According to the Myanmar Iron and Steel Association (MISA), it is expected to increase by 5.4 million tons per year from 2030.

According to a statement from the Ministry of Commerce, previously, companies used only dollars to import and export iron and steel. Now, if they use the Chinese currency instead of the dollar to import domestic iron and steel, they will be given priority to obtain a business license.