PETALING JAYA: The Government has raised the ceiling price of steel bars and billets, which are price-controlled items, by 12% across the board effective Dec 1. The price hike, however, won't be a windfall for steel millers, who have incurred higher raw material costs due to rising international scrap prices. The latest price adjustment was the third last year following two revisions in April and June. The increase would help narrow the gap between the local and international selling prices of long steel products, which are widely used in construction. However, international prices are still higher than domestic prices.
(4-1-2008 New Straits Times)
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