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Malaysia's steel price index increased

According to the statistics department, the steel unit price index experienced an increase of 0.2% to 1.8% in various parts of Malaysia in December 2023 compared to the previous month.

Malaysia's steel price index increased

Chief Statistician Uzir Mahidin highlighted that Perak had the highest increase in steel unit price at 1.8%, followed by Johor with 1.1% and Selangor, Kuala Lumpur, Melaka and Negeri Sembilan with 0.2% . A monthly comparison of selected construction materials revealed that the unit price index for aggregate, sand and plywood remained unchanged for most regions in Malaysia.

The unit price index for steel and metal profiles also showed no significant change in most regions. Some regions such as Selangor, Kuala Lumpur, Melaka, Negeri Sembilan, Kota Kinabalu and Miri experienced slight decreases in the price index of some materials.

Additionally, there was a slight increase in the material price index in Perak and Kuching. Cement unit price index remained stable in almost all parts of Peninsular Malaysia, Sabah and Sarawak. However, there was a small increase in some regions, especially Johor, followed by Penang, Kedah, Perlis, Terengganu and Kelantan.

Annual comparisons for December 2022 and December 2023 indicate an increase in the cement unit price index across Malaysia ranging from 2.8% to 18.9%.

In December 2023, the steel unit price index increased by 0.5% compared to the same month of the previous year, reaching 4.6%. Uzir noted that the average price per unit of steel, including mild steel round bars and Mycon 60 high tensile deformed bars, increased slightly to RM3,629.77 per tonne.

In addition, the average cement price showed a slight increase of 0.2% to RM23 per 50kg bag compared to November 2023 (RM22.94 per 50kg bag).

Apart from this, the building cost material index (BCI) (with steel bars) for all building categories in December 2023 increased by 0.2% to 2.4% month-on-month for almost all regions in Malaysia.

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