Thursday, March 20, 2008

UAE steel prices surge by 12% in 3 weeks


Reuters reported that rear prices in the United Arab Emirates have risen at least 12% in the last three weeks as demand from construction contractors has increased and supply has tightened.
The report cited a trader as saying that a tonne of rebar fetched around USD 970 this week as compared to USD 860 in the last week of February.
The market sources said that "Demand for steel is increasing everyday and many contractors want to meet the deadline for their projects at any cost. On the other hand, the availability of steel is decreasing, and that is why prices are rising and they may soon hit USD 1,000. So if you are a small contractor you are facing a major problem."
They added that "Many suppliers won't sell if you are asking for less than 300 tonnes of steel, and some have much higher ceiling for orders.”

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