Malaysia: Average price of steel bars up 20% in May

KUALA LUMPUR: The average price of steel bars increased 20% in May to RM3,910 per tonne from RM3,258 per tonne in the corresponding period last year, following the increase in the prices of building materials, according to the Statistics Department.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the cost materials of building index (BCI) without steel bars and with steel bars for all building category in Peninsular Malaysia, Sabah and Sarawak had increased.

The increase in BCI for Peninsular Malaysia was between 7.8% and 15.6%, Sabah (between 4.9% and 12.9% and Sarawak (between 7.4% and 16.5%.

“Cement recorded an increase of 12.2% in May at RM20.89 per 50kg compared with RM18.61 per 50kg in May 2021.

“Prices of most building materials such as aggregates, sand, bricks and walls, roofing materials, and ceiling materials also registered increases,” he said in a statement yesterday.

Mohd Uzir said the unit price index of building materials increased between 4.1% and 19.9%.

“The price index per unit of steel and steel and sections increased by 19.9% and 18.1%, respectively.

“The price index per unit of cement increased by 12.4% during the period,” he said, adding that in terms of selected items and regions, the highest increase in steel was recorded in Miri (35.9%) followed by Selangor, Kuala Lumpur, Melaka and Negri Sembilan (29.3%). — Bernama