UAE posts marginal rise in steel prices

UAE posts marginal rise in steel pricesSharp increase in steel prices in the international market in January pushed rebar prices in UAE by Dh100 per tone. Steel prices that remained under pressure due to global slowdown currently stands at Dh1,950 to Dh2,000 per tone in the local market.

However, increase in domestic steel prices is not in line with global increase in steel prices, probably due to weak demand in the domestic market. Rising raw material prices are also increasing steel rates in the international market. Steel prices may further rise as South Korea's second-biggest steelmaker- Hyundai Steel is planning to hike steel prices.

Steel demand in Dubai remained subdued but Abu Dhabi registered improvement in demand compared to previous year. Rizwan Sajan of Danube Building Materials, said, "The situation in Oman and Bahrain is much better when compared with the UAE. However, demand in the GCC is similar to that of 2009 levels."

Prices continued to rise in Turkey leading to significant decline in imports to the UAE from Turkey.