The World Steel Association's Short Range Outlook (SRO) predicted grow in global steel demand by 1.9% in 2024. While Malaysian Iron and Steel Industry Federation (MISIF) forecasts recovery in domestic steel demand with Apparent Steel Consumption (ASC) projected to grow by 4.1% each in 2024.

Malaysia has implemented a two-year moratorium on steel investments starting from 15 August 2023 and ends in August 2025. Eastern Steel Sdn Bhd's new 1480mm Mill will benefit by this initiative.

Malaysian economy is projected to grow around 4% in 2023 and 4-5% in 2024.

USD/MYR exchange rate is between 4.68++

US Fed will make no changes in interest rate and stays at 5.5% for the time being.

The Chinese economy grew by a seasonally adjusted 1.0% in Q4 of 2023. Beijing in October outlined a massive CNY 1 trillion bond issuance to spur infrastructure spending.