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STEEL Price Surged: MASTEEL

Steel: Malaysian steel millers may raise billet prices. Malaysia Steel Works (KL) Bhd (Masteel) said local steel millers are expected to raise billet prices by between USD70 and USD80 or RM250 to offset rising iron ore and coke costs. "Billet prices have increased by USD90 per tonne to US$640 per tonne for Southeast Asian destinations since mid-March this year," said its CEO and managing director Datuk Seri Tai Hean Leng. "The surge in prices and demand for steel product is expected to expand our margin in coming months," he said.
(Source: Business Times)