Leaders at the Dubai Chamber of Trade & Industry have predicted that steel prices in Dubai are projected to decline by 10 to 15%, below their range at the end of 2008 of AED 2,000 to AED 2,200 per tonne.
The projections are attributed to sufficient inventories of steel and cheaper prices of petroleum derivatives required for steel production. Any possible increase in steel prices is ruled out unless oil prices witness a tangible increase on the world markets, which is not expected in the immediate future.
That was affirmed by Mr Sameh Hassan CEO of Madar Group indicating that prices of Chinese steel now range from AED 1,850 to AED 2,050 per tonne.
Source: Steel Guru/Al Alam Al Yom
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