Steel and cement prices continue to rise in March

The unit price index of steel rose 0.9 per cent in March 2023 from 1.5 per cent in February in tandem with the increasing trend of iron ore and steel prices at the global level, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the unit price index of cement rose by 1.1 per cent in March compared to February, attributed to the rise in production costs, including the price of raw materials such as limestone, coal, energy, and shipping costs.

“In addition, a year-on-year comparison of the unit price index on building materials recorded an increase between 1.2 and 10.2 per cent in March compared to the same month a year ago.

“The unit price index for cement and bricks, as well as walls, increased by 10.2 per cent and 8.0 per cent, respectively, in March compared to a year ago.

“The unit price index for steel recorded a decrease of 0.6 per cent,” DOSM said in a statement today.

Mohd Uzir explained that the average price per unit of steel consisting of mild steel round bars and Mycon 60 high tensile deformed bars was RM3,691.66 per metric tonne, a 0.8 per cent increase from RM3,662.23 per metric tonne in February 2023.