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Thai authorities to examine hike in steel prices

( May 11, 2016, 06:13 GMT | Insight) -- Thailand's Internal Trade Department is inspecting wholesale and retail steel prices following contractors’ complaints of surging prices in the past few months, the Bangkok Post reports. Thailand's Internal Trade Department is inspecting wholesale and retail steel prices following contractors’ complaints of surging prices in the past few months, the Bangkok Post reports. Department Director General Wiboonlasana Ruamraksa said prices for steel rods had increased from 17-18 baht ($0.48-0.51) to 20-21 baht per kilogram compared to the same period last year, adding that operators were expected to report any price increases seven days in advance. She said China’s steel production cuts and the scrapping of substandard steel factories had reduced supplies and raised prices. The department is also inspecting local steel outlets to prevent hoarding and profiteering as the government accelerates major infrastructure and low-cost housing projects.  ...

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