Steel prices increase by 20 %

After months of talking…

The trade authority has approved an additional seven baht rise in steel prices; however, the agency asks producers to fix the selling prices for a period due to the impact on iron users.

After a meeting with steel producers and users, Internal Trade Department Director-General, Yanyong Puangrat said the agency has given a green light for a steel price hike of seven baht per kilogram since late May, following a jump in production costs.

Yanyong said the department’s sub-committee on steel would set up the actual selling prices, with the value added tax and transportation cost included, so the prices will be different in different parts of the country. The prices will be announced to the public and the agency will investigate to prevent hoarding of steel leading to shortages in supply (TOC)

Apparently, one kilo costs 35 THB. An increase of 7 THB would be like +20 %.

In 2004, it was 18,50 THB per kilo.

No need to go Harward Business School to understand that this hike will reverberate to several sectors (housings, and public constructions etc.) and will fuel… more inflation.

It’s the inflation tsunami on the move.

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