Prices of building materials witnessed a noticeable decline in Abu Dhabi during December 2008 compared to November, according to a report from the Abu Dhabi Statistics Centre.
Steel prices fell by 38 per cent in December compared to 20 per cent in November.
Prices of building materials, especially steel, are continuing to fall in the UAE. In some categories of steel products, prices in the UAE fell by 10 to 38 per cent during the last quarter of 2008, the report said.
The continuing drop in steel prices is attributed to the increasing reliance on imported Chinese steel and the drop in local demand.
According to the price index by the centre, the prices of steel rods of diameters ranging between 10mm and 32mm fell by 38 per cent last month. Prices of Chinese steel fell by 20 per cent, while that of Turkish steel dropped by 10 per cent.
Source: Gulf News
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