KUALA LUMPUR, Nov 13 — The unit price index of steel and metal recorded a decrease of between -0.6 per cent and -4.9 per cent in most parts of Malaysia in October 2024, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the highest decrease occurred in Perak (-4.9 per cent), followed by Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan (-2.0 per cent), as well as Penang, Kedah, and Perlis (-1.2 per cent).

"The unit price index of steel declined between -0.4 per cent to -3.2 per cent in nearly all regions of Malaysia. Additionally, the unit price index for cement showed a slight decrease ranging from -0.1 per cent and -0.7 per cent in several areas in October 2024,” he said in a statement.

On an annual comparison between October 2023 and October 2024, the cement unit price index increased by 0.2 per cent to 3.0 per cent across most Malaysian regions.

The highest annual increase was in Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan (3.0 per cent), followed by Johor and Pahang at 2.7 per cent respectively.

"The average price of Ordinary Portland cement remained unchanged compared to September 2024, with an average price of RM23.22 per 50-kilogramme bag,” he said.

Meanwhile, the chief statistician said an annual comparison of the unit price index of steel saw an annual decline of -0.8 per cent to -4.2 per cent in October 2024, for almost all areas.

"The average price per unit of steel, including mild steel round bars and Mycon 60 high tensile deformed bars, dropped by -1.0 per cent to RM3,631.58 per tonne, from RM3,667.96 per tonne in the previous month,” he said.

In terms of the Building Cost Material Index (BCI) with steel bars, Mohd Uzir said all building categories in Peninsular Malaysia experienced a slight decrease of between -0.1 per cent to -3.0 per cent in October 2024, compared to the previous month.

In Sabah, there was a slight decrease ranging from -0.1 per cent to -0.6 per cent across most building categories, except timber building and timber piling in Kota Kinabalu and Sandakan, while Tawau’s index remained unchanged.

In Sarawak, he said the BCI showed a slight decrease between -0.2 per cent to -1.6 per cent across building categories in Kuching and Miri. However, Sibu saw a slight increase ranging from 0.8 per cent to 1.6 per cent in the BCI with steel bars.

Globally, he added that the World Steel Association’s Short-Range Outlook report, released on Oct 14, 2024, predicts a 0.9 per cent decline in global steel demand this year.

However, after three years of decline, a broad recovery is expected in 2025, excluding China, with a projected demand increase of 1.2 per cent.