PLYWOOD PRICE INDEX RISES 1.6% NATIONWIDE IN MAY 2024 - DOSM

The plywood price index in Peninsular Malaysia, Sabah and Sarawak increased by 1.6% in May 2024 compared to the previous month, according to the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the unit price index of aggregates also rose by between 0.2% and 1.7% during the same period in almost all areas.

"The highest increase was in Perak (1.7%), followed by Pulau Pinang, Kedah, and Perlis (0.8%), and Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan (0.2%)," he said in DoSM's publication on Building and Structural Works for May 2024.

Mohd Uzir said the monthly comparison of steel showed the unit price index remained unchanged in most areas.

“However, the unit price index of these materials decreased slightly in Pulau Pinang, Kedah, and Perlis (-0.1%) and Tawau (-0.2%),” he said.

For cement, the unit price index remained stable in most areas in May 2024, with slight increases in Terengganu and Kelantan (0.5%) and Perak (0.4%).

An annual comparison for May 2023 to May 2024 showed the unit price index of cement increased between 0.4% and 3.0% in all areas.

“The highest increase was in Pulau Pinang, Kedah, and Perlis (3.0%), followed by Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan (2.6%), and Terengganu and Kelantan (2.4%).

“An annual comparison of the average price per unit of steel showed a decrease between negative 0.3% and negative 5.2% compared to the previous year, with a slight increase in Johor by 0.7%,” he said.

The average price per unit of steel, including mild steel round bars and Mycon 60 high tensile deformed bars, rose by 0.7% to RM3,730.46 per tonne from RM3,702.88 per tonne in April 2024.

Meanwhile, DoSM said the month-on-month (m-o-m) Building Cost Material Index (BCI) with steel bars for May 2024 increased by 0.1 to 1.2% across most areas in Peninsular Malaysia.

In Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan, BCI steel bars for Timber Building and Timber Piling saw a slight decrease of 0.1 to 0.2%.

In Sabah, BCI with steel bars rose by 0.1 to 0.3% for most categories in Kota Kinabalu, except for single-storey steel frame buildings and towers.

In Sarawak, BCI with steel bars increased by 0.1 to 0.5% in Kuching, while remaining unchanged in Sibu and Miri.

Globally, citing a World Bank article, DoSM noted a nine% increase in the metals and minerals price index in April 2024 m-o-m due to stronger demand and supply concerns.

“Base metal prices are expected to remain steady in 2024 before rising slightly in 2025. China's property sector stimulus and supply disruptions are key upside risks,” DoSM added.