Steel bar manufacturers will request government approval for a price increase

A consultant to the steel bar makers’ organization said the steel used to construct the bars had witnessed a 42% price jump from last year. The manufacturers also face growing costs of electricity, shipping, and labor. He said factories couldn’t survive without boosting prices, but they needed consent from the Internal Trade Department, which controls steel bar and product prices. Prawit also recommended using higher-grade steel bars to save money. Although higher-grade bars are more expensive, building firms will save money using fewer. Rising energy prices have affected steel pricing worldwide, he said. Turkish manufacturers have declared $20-$40 per ton pricing rises.

As production costs rise, steel bar manufacturers plan to ask the Thai government to boost prices. Prawit said bar-making steel costs $658 (24,300 baht) per ton, up from $464 last year. Singapore charges $738 per ton for steel bars, Turkey $740, China $852, and Thailand $699. Prawit said the higher electricity bill added 700 to 800 baht per ton of steel bars. Prawit stated Thailand’s steel bar pricing was lower than others.