Weekly Industry News

Steel price hike leaves contractors at a loss

Weekly Industry News

THE 48% increase in steel prices has put additional pressure on many contractors who are still reeling from revenue losses due to the Covid-19 pandemic and movement control order.

Johor Master Builders Association president Tee See Kim said the price increase had a big impact on the construction sector and caused much hardship to contractors.

He said steel price had increased from RM2,100 per tonne to RM3,100 in the third quarter of last year.

“We are on the losing end as the value of the contract tendered is already fixed and they have no choice but to complete the project, ’’ Tee said when contacted.

Media Title: The Star

Date: 03 Feb 2021

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