Following a rise in the price of building materials, the average price of steel bars jumped 20% to MYR 3,910 (USD 888) per ton in May 2022, from MYR 3,258 (USD 740) per ton the previous year, according to the Department of Statistics Malaysia (DoSM).
The Cost Materials of Construction Index (BCI) without steel bars and with steel bars for all building categories in Peninsular Malaysia, Sabah, and Sarawak rose in May 2022, according to chief statistician Datuk Sri Dr Mohd Uzir Mahidin.
In May 2022, the price index per unit of steel and steel and sections grew by 19.9% and 18.1 percent, respectively, over May 2021.
According to a World Steel Association (WSA) research, global steel consumption is predicted to rise to 1.84 billion tons in 2022, up 0.4 percent from 2021, and to 1.88 billion tons in 2023, according to the DoSM.
Following a rise in the price of building materials, the average price of steel bars jumped 20% to MYR 3,910 (USD 888) per ton in May 2022, from MYR 3,258 (USD 740) per ton the previous year, according to the Department of Statistics Malaysia (DoSM).
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only
