KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Brussels Eyes Stronger Trade Defenses
The European Commission is preparing to impose tariffs ranging between 25% and 50% on Chinese steel and related products in the coming weeks, according to a report by German daily Handelsblatt, citing senior Brussels officials.
The move underscores Europe’s determination to protect its steelmakers from mounting pressure caused by global oversupply and China’s aggressive export push. The Commission declined to comment on the report.
Protecting Producers Amid Decarbonisation Push
Earlier this month, Commission President Ursula von der Leyen said Brussels would introduce a new framework to curb steel imports. She emphasized the need to safeguard European producers as they invest heavily in decarbonisation technologies, warning that persistent global overcapacity is squeezing industry margins.
Under World Trade Organization (WTO) rules, the EU cannot extend existing safeguard measures beyond mid-2026. Officials are therefore preparing a fresh, long-term trade tool to replace current steel safeguards.
China’s Growing Export Pressure
China, the world’s dominant producer with more than 50% of global output, is expected to export 115–120 million tonnes of steel this year, potentially a record high. Exports are forecast to climb 4%–9% in 2025, as the prolonged slump in China’s property sector reduces domestic demand.
Chinese steel has already faced 54 trade actions worldwide since 2024, according to China Trade Remedies Information, with analysts expecting more barriers as exports climb.
A Tightening Global Trade Environment
Europe: Planning tariffs of up to 50% on Chinese steel.
United States: Already imposes tariffs of 50% on steel from China.
Scrap metals: In July, the EU began monitoring imports of steel, aluminium, and copper scrap amid fears of shortages that could hinder smelters and the bloc’s green transition.
Outlook
The EU’s proposed tariffs highlight a deepening global trade rift over steel. While the measures aim to protect European industry and support its green investment agenda, they risk escalating tensions with Beijing at a time when China is seeking new export markets to offset domestic weakness.
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