: Malaysia will have to start implementing carbon pricing to facilitate carbon trading and look into carbon taxing as the European Union prepares to commence its Carbon Border Adjustment Mechanism in 2026.
He said this in his speech at the launch of the Malaysian Iron and Steel Industry Federation’s 15th report on the status and outlook of the Malaysian iron and steel industry. He also noted that the iron and steel industry is heavily influenced by global factors, thus policy changes or market trends in China or the United States would have a huge ‘butterfly effect’ on the profitability or even survival of the Malaysian steel industry.
“Global steel demand declined for the second consecutive year to 1,763 million tonnes in 2023. Therefore, the regional analysis provided by the MISIF Report is very important for policymakers and for the industry to make decisions,“ he said.