Qatar Steel, one of the largest steel producers in the Arabian Gulf, has announced its intention to maintain unchanged steel prices up to the end of June 2008 in an attempt to help Qatar's government curb inflation and also safeguard the country's construction industry.
Despite the soaring raw material costs and steel prices in both the Gulf Cooperation Council (GCC) countries and in the international market, Qatar steel has decided to maintain its second quarter domestic retail prices for rebar (standard sizes of 16 mm to 40 mm) at levels between QAR 3,250/mt ($893/mt) and QAR 3,300/mt ($907/mt).
Meanwhile, Qatar Steel has noted that the abovementioned prices are QAR 1,000/mt ($275/mt) lower than in other GCC countries.