UAE achieves stability in steel prices
Despite growing demand, the United Arab Emirates' (UAE) market saw stable steel and cement prices after their highs of four months ago, industry sources inform. The steel price in the UAE market reportedly ranges between AED 1'700-1'800 (approx. $462-490) per ton. The price range indicates a reduction of 10% against levels of four moths ago. Likewise, the price of cement, which is currently AED 257 (approx. $70) per ton, indicates a 15% decline against four months ago. The prices have stated to decline due to various factors, including import permissions and tax exemptions. Such factors have resulted in a rise in the availability of steel and cement in the local UAE market. However, these price levels are still the highest in GCC (Gulf Cooperation Council).