Are steel bar prices set to continue their softening trend?

Question

Accepted Answer

Steel Bar Prices Show Continued Softening Trend in June

Steel bar prices in Malaysia experienced a softening trend for the second consecutive month in June 2023, reflecting a decline in international prices for steel and iron ore. The average price recorded a 0.53 per cent month-on-month decrease, settling at RM3,706.95 per tonne.
Softening Aligns with International Market Movements

The downward trend in Malaysian steel bar prices in June is directly correlated with a broader decline in global steel and iron ore prices. This international movement is partly attributed to actions taken by Chinese authorities in March 2023 to curb surges in iron ore prices, influencing global supply and demand dynamics.
June Saw a Moderate Price Reduction

Data tracked by the Department of Statistics Malaysia (DoSM) for five types of mild steel bars and four types of high-tensile deformed bars indicated a specific month-on-month decrease. The average price reduction amounted to 0.53 per cent, bringing the per-tonne cost to RM3,706.95 during June.
Construction Sector Costs Remain Manageable

MIDF Amanah Investment Bank Bhd noted that these softening steel bar prices, alongside a slower increase in cement prices, contribute to manageable cost headwinds for the construction sector. This cost environment supports the investment bank's maintained "Positive" rating on the sector.

Reading history

Hide →

This history is cleared when the page is closed.

Are steel bar prices set to continue their softening trend?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends