Japan and Malaysia have reached an agreement to cancel the import duty Malaysian buyers have to pay when buying Japanese steel. The current import tariff of 50 percent has been canceled. The products affected include hot and cold rolled coils. The import duty on hot rolled coil and sheet with a width of over 600mm as well as pickled coils and sheet will gradually be phased out over the next 15 years. The 15 percent import tariff on bar and wire rod as well as the 20 percent tariff on long products and the 30 to 50 percent tariff on steel pipes will be cancelled over the next 7 years. The 15 percent tariff on stainless steel will be cancelled over the next 5 years. According to a Japanese government official the exact date that these changes will take affect has not been decided yet, but it should be during the four quarter of 2006. (Jan. 10)