PRICE INDEX OF STEEL RISES BY 0.1% TO 2.0% IN NOVEMBER - DOSM

The unit price index of steel increased between 0.1% and 2.0% for almost all areas in November 2023 as compared to the previous month, said the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the increase in the price index of steel was in tandem with the changes in the price of iron ore and steel at the global level.

He said the unit price index for steel and metal sections remained unchanged for most areas in Peninsular Malaysia, Sabah and Sarawak.

“There was a slight decrease in the price index of this material for Selangor, Kuala Lumpur, Melaka and Negeri Sembilan (-0.2%), Terengganu and Kelantan (-0.3%) and Kota Kinabalu (-0.3%),” he said in a statement.

The price index per unit of steel increased between 0.2% to 4.2% in November 2023 as compared to the corresponding month of the previous year.

Nevertheless, the decrease in the unit price index of steel was recorded in Miri (-6.1%), Selangor, Kuala Lumpur, Melaka and Negeri Sembilan (-4.4%) and Tawau (-3.1%), he said.

Mohd Uzir further stated that the average price per unit of steel, consisting of mild steel round bars and Mycon 60 high tensile deformed bars, was RM3,621.02 per tonne, recording a slight increase of 0.9% as compared to the previous month (October 2023: RM3,590.40 per tonne).

The chief statistician also said the monthly comparison in November 2023 also recorded that the unit price index for cement remained unchanged for almost all areas in Peninsular Malaysia, Sabah and Sarawak.

There was a slight increase in the unit price index for this material in a few areas, namely in Selangor, Kuala Lumpur, Melaka and Negeri Sembilan (0.2%), and Johor (1.0%).

At the same time, a slight decrease in the index was observed for Terengganu and Kelantan (-1.6%).

Mohd Uzir said an annual comparison for November 2022 and November 2023 showed that the unit price index of cement recorded an increase between 2.8% and 22.7% for all areas in Peninsular Malaysia, Sabah, and Sarawak.

The highest increase in the price index per unit of cement was observed in Terengganu and Kelantan (22.7%), followed by Pulau Pinang, Kedah and Perlis (21.1%).

Mohd Uzir said the average price of Ordinary Portland cement remained unchanged as compared to the previous month, with an average price of RM22.94 per 50 kg bag.

In addition, he said the Building Material Cost Index (BCI) for all building categories in November 2023 increased between 0.2% and 1.2% for two areas in Peninsular Malaysia, specifically Perak and Pulau Pinang, Kedah & Perlis.

“However, a slight decrease for BCI (with steel bars) between negative 0.1% and negative 0.5% was posted for Selangor, Kuala Lumpur, Melaka and Negeri Sembilan as well as Terengganu and Kelantan,” he said.

The BCI (with steel bars) for Sabah recorded an increase between 0.2% and 0.6% for almost all building categories in Kota Kinabalu and Sandakan in November 2023 as compared to the previous month.

However, the index for almost all building categories in Tawau recorded a decrease in a range of negative 0.1% to negative 2.2%, except for timber piling.

Monthly comparison of BCI (with steel bars) in Sarawak for November 2023 showed a slight increase in the index of 0.1% for almost all categories of buildings in Sibu.

Meanwhile, the index for all building categories in Kuching recorded a decrease between negative 0.1% and negative 0.2% for all building categories in November 2023 as compared to October 2023.