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01 October 2023

UAE steel prices set to drop next month

Steel is being imported from Turkey which will push the prices down (FILE)

By Staff

Galvanised steel prices climbed by 5 per cent in a week in the UAE as renewed demand from the US pushed prices up.

However, the demand maybe short-lived and, coupled with the expected arrival of fresh stock from Turkey, prices may fall next month, say experts.

Steel prices inched up in the country as Rebar, Plates and Galvanised prices went up by 1, 3 and 5 per cent, respectively, for the week ended January 4, 2010, according to information provider Steel Guru.

Transaction prices of hot-rolled coils (HRC) are bordering on $700 per tonne while the price of steel plates is around $725 per tonne, according to some of the recent bookings quoted by the site. Billets, on the other hand, are being booked at $640 per tonne CNF for 20,000 tonne parcel, it said.

“Much of the HRC buying is taking place for pipe making for supplies to USA as Chinese material is facing anti-dumping,” Steel Guru said.

It added that “once the hype blows over and manufacturers traders [are] unable to hold on to prices, sentiments are likely to nose dive in February-end/early March. Moreover news of an arrival of an earlier booking of 200,000 tonnes from Turkey at price levels of $618 per tonne to $630 per tonne will certainly make life uneasy”.

Last month, rebar producers in the UAE increased prices for January by Dh150-175/tonne ($40-47/t) to Dh2530-2550/t ($689-694/t), which led to sluggishness in the market as demand remains patchy.