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Monday, July 21, 2008

Steel prices in UAE surge

DUBAI: Steel prices in the United Arab Emirates have risen almost 10 per cent in one week as demand for construction materials continues to drain the local market, traders said yesterday.

Gulf Arabs are investing heavily in real estate and suppliers of building material are struggling to keep up with demand in the UAE, the second largest Arab economy.

The rising cost of building materials is helping fuel inflation across the Gulf, where economies are flourishing on a more than sixfold rise in oil prices since 2002.

A tonne of reinforcing steel bar (rebar), used in construction, fetched around US$1,700 (US$1 = RM3.24) yesterday, up from around US$1,550 on June 13, dealers said.

By Reuters

1 comment:

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