Malaysian Government to continue controlling steel prices
Malaysian Government stated that despite the rumours going around in the market, they had no intention to renounce their control over the iron and steel prices in the country with the concern that the prices may skyrocket as the stockpiled material could be sold at higher prices without the presence of their control. In a recent statement, the Domestic Trade and Consumer Affairs Minister expressed that the developers and contractors of the building industry are experiencing difficulties of material supply from the producers for their construction projects despite the raise effected in the ceiling prices. The developers and contractors should file their requests to the Ministry for initiating an investigation in case these complaints continue despite the increases of RM 90/mt for all categories of steel, implemented to be effective from April 3, 2003. The Ministry warned the producers and suppliers not to manipulate prices by creating artificial shortage in the industry, reminding the price Control Act regulations, which might result in a fine of up to RM 25'000.