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23 July 2024

Steel demand remains weak


By Dina Ibrahim

Demand for steel in the UAE continues to be weak amid price fluctuations inboth local and international markets. Local rebar prices have risen over the past weeks but import prices, especially from Turkey, have declined marginally, analysts said.

Ajay Aggarwal, CEO, RAK Steel, told Emirates Business that local steel mills had increased prices by Dh150 to Dh200 per tonne. "The main reason for the increase is higher raw material [prices], particularly of scrap and billet. However, we have not noticed any change in steel demand compared to the last quarter of 2009," he said.

Local traders said Turkey has dropped export prices by $20 (Dh73) per tonne. "Turkish mills are currently quoting between $520 a tonne and $530 per tonne, because of lack of demand," said Karel Costenoble, General Manager, MEsteel.com. Global steel demand is almost at a standstill.


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