KUALA LUMPUR, March 8 — The unit price index of steel recorded an increase between 0.1 per cent and 1.9 per cent for almost all areas in February 2024 compared to January 2024, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the highest increase in the unit price of steel was recorded in Kota Kinabalu (1.9 per cent), followed by Terengganu and Kelantan and Sibu at 0.7 per cent.

"Month-on-month comparison of the unit price index of steel and metal sections remained unchanged for most areas in Peninsular Malaysia, Sabah and Sarawak.

"Meanwhile, there was a slight increase in these materials price index for Terengganu and Kelantan (0.7 per cent), Johor (0.3 per cent) and Miri (0.2 per cent),” he said in a statement today.

The monthly comparison of cement also showed that the unit price index remained unchanged for almost all areas in Peninsular Malaysia, Sabah and Sarawak in February 2024.

However, there was a slight increase for these materials’ price index in Perak (0.4 per cent) and Pulau Pinang, Kedah and Perlis (0.1 per cent).

An annual comparison for February 2023 and February 2024 showed that the unit price index of cement increased between 0.9 per cent and 10.2 per cent for all areas in Peninsular Malaysia, Sabah and Sarawak.

The chief statistician of Malaysia further stated that the average price of cement (Ordinary Portland) in Malaysia remained unchanged compared to January 2024 with an average price of RM22.97 per 50kg bag.

Meanwhile, the average price per unit of steel, consisting of mild steel round bars and Mycon 60 high tensile deformed bars recorded a slight increase (0.4 per cent) with an average price of RM3,679.54 per metric tonne, compared to the previous month (January 2024: RM3,664.51 per metric tonne).

Starting from January 2024, the Building Cost Material Index (BCI) by building category and region is rebased to January 2023 equals 100 (January 2023=100), the department said.

Meanwhile, The World Bank’s website revealed that in January 2024, "metal prices are expected to fall 5 per cent in 2024, after declining nearly 10 per cent in 2023 compared to 2022,” according to DOSM.

"Nevertheless, metal prices are projected to stabilise in 2025.

"Key risks to these price predictions include weaker-than-expected demand from China and advanced economies and disruptions in production,” Mohd Uzir said, adding that an escalation of the conflict in the Middle East could also disrupt trade and commodity price stability. — Bernama