Malaysian mills are hoping to raise rebar prices to track increases in the global market, according to market participants.

“We are hoping to increase prices shortly. After all, international prices are rising,” an official at one Malaysian mill said.

“The [Chinese new year] festive season is over, so there will be no more distractions. Several projects will be coming back [for material],” an official at another mill said.

But demand in the first week after the holiday has been sluggish, according to market participants, and mills continue to list rebar at 2,000-2,100 ringgit ($590-619) per tonne, unchanged from two weeks ago.

“As yet, we haven’t seen any significant rise in demand,” a Singapore-based steel trader with operations in Malaysia said.