The Malaysian government said it will scrap import curbs on cement and allow manufacturers to set their own prices after removing similar controls on steel.
"It didn't seem right that controls should be set at a level that is not reflective of costs and market price," Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad told reporters in Kuala Lumpur today.
The trade ministry will announce the timing of the cement measures, he said.
The move comes about a week after the government lifted the ceiling price on steel bars and billets and eased import and export rules to curb a supply shortage. International Trade and Industry Minister Tan Sri Muhyiddin Yassin said on May 8 Malaysia may ease restrictions on its cement and steel industries to bring down prices.
Removing the controls will help shrink the price disparity between domestic and overseas prices in Malaysia that resulted in steel hoarding and shortages for builders and property developers, Aseambankers Malaysia Bhd said in a note to clients on May 12.
By Bloomberg
Wednesday, May 21, 2008
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