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Increases in electricity cost working against Malaysian steel industry - MISIF-2019 China(Guangzhou)Int’l Metal &&n
bsp;Metallurgy Exhibition-metal exhibition
12/28/2018 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Borneo Post reported that Malaysian Iron and Steel Industry Federation has noted with grave concern of the perpetual increase in electricity tariff imposed to the iron and steel industry at a time when steel prices have dropped tremendously, both domestically and internationally. In its press statement, MISIF referred to the Energy Commission’s December 14, 2018 announcement on the upward adjustment of the Imbalance Cost Pass Through (ICPT). The current surcharge of 1.35 sen per kilowatt hour (kWh) will be increased to 2.55 sen per kWh for industrial users effective from March 1, 2019.
MISIF is concerned that the plight and trepidations of the industry have hardly been taken into consideration seriously in spite of the numerous engagements with EC, Tenaga Nasional Bhd and the relevant ministries such as the Ministry of International Trade and Industry and the Ministry of Energy, Science, Technology, Environment and Climate Change.
Being an energy intensive industry, electricity is an essential utility besides natural gas and represents the second highest production cost component after the raw material for the iron and steel industry. Producers are striving to manage these challenges while containing their costs to enable them to compete competitively with other regional producers. However, any perpetual increases in electricity cost hampers any recovery effort by the industry.
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