Overview

Unit Price Index of Building Materials

• A month-on-month comparison of construction materials and areas showed an increase in unit price index for selected materials such as cement, steel and timber for all areas of Peninsular Malaysia, Sabah and Sarawak.

• The unit price index of steel recorded an increase of 1.5 per cent as compared to January 2023. The increase in the price index of steel was in tandem with the increase in the price of iron ore and steel at the global level. Iron ore prices are expected to remain elevated driven by optimism about future steel demand in China.

• Apart from steel, cement, is an important element in the construction industry, produced using a mixture of limestone and clay. It also registered increase in prices. The unit price index of cement rose by 1.9 per cent in February 2023 as compared to January 2023. Among the main factors contributing to the price increase were the rise in production costs including the price of raw materials such as limestone; coal which is used in the burning process, energy and shipping costs.

• In addition, year-on-year comparison of the unit price index on building materials recorded increases of between 1.5 and 9.6 per cent in February 2023 as compared to a year ago.

• The unit price index for cement increased by 9.6 per cent in February 2023 as compared to a year ago. Meanwhile, the unit price index for steel slightly decreased by 0.5 per cent.

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