Sudden shortage of steel

Shortage: A worker holds steel bars as he walks at the construction site of a new apartment in Jakarta, Indonesia. Steel prices in Malaysia have shot up. — Reuters

FROM a chronic oversupply situation just months ago, there is now a sudden shortage of steel in Malaysia, causing a rapid rise in prices.

The shortage stems from drastically lower imports of the commodity from China, due to the increasing demand for steel there, according to industry experts.