Malaysia's moratorium on iron and steel revived the market

The moratorium is a strategic step aimed at addressing overcapacity issues in the industry effectively since August 15.The development has led to a notable 33.3% increase in Mycron Steel Bhd's shares. Other notable companies include Melewar Industrial Group Bhd, Hiap Tech Venture Bhd, Lion Industries Corp Bhd, Malaysia Steel Works (KL) Bhd and Prestar Resources Bhd, which also saw significant gains.

The government's action is seen as an effort to assess sectoral challenges and align with the New Industrial Master Plan (NIMP) 2030 targets. Deputy Minister of Investment, Trade and Industry Liew Chin Tong said the moratorium will affect the manufacturing licence processes in the iron and steel industry as a whole, but exemptions may be considered for applications in line with the NIMP 2030 targets.