The Malaysian Iron & Steel Industry Federation (Misif) has revised its growth forecast of Malaysia’s apparent steel consumption to 3-5%, down from the earlier growth forecast of 10-12%. Federation president Chow Chong Long explained Misif’s earlier forecast was based on a strong demand in the 1st and 2nd quarter. However, the new forecast reflexes the result of prices falling and quiet steel market in the first half of the year. Furthermore, Chow also expected a less than 5% growth in steel demand in the latter half of the year. Malaysia’s steel demand usually slowdown in the latter half of the year due to rainy season in the Malaysia, including the Islamic fasting month and the year-end festivities.
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