Chen Chin-jun, secretary-general of the Executive Yuan, said the government is paying close attention to the recent hikes in prices of steel products, particularly round steel bars or rebars, in the domestic market.

The government does not want to see an interruption in public construction projects and a compromise of the quality of construction, Chen said, responding to a reporter’s question regarding a strike planned by the Taiwan Association of General Contractors.

The association is planning to hold a three-day strike beginning on March 11 to protest steel prices.

The average price of rebars has surged from NT$8,000 (US$258) per ton two months ago to slightly over NT$20,000 per ton currently.

In light of the outcry from the domestic real estate development industry, the Ministry of Economic Affairs (MOEA) on Feb. 20 announced a ban on the export of rebars and small billets — the main material used for the production of rebars for construction.

The ban is expected to last three months after it takes effect in two weeks.

Meanwhile, the ministry will also put exports of H-shaped steel and steel scrap under supervision for three months.

Lai Cheng-yi, chairman of the Shining Group, which is known for building high-priced houses and resorts, complained earlier this month that builders cannot buy steel rebars even if they have money.

Lai expressed hope that the administration will investigate the surging prices and warned that public construction projects and private developers will be forced to suspend operations should the government not intervene in time.