Steel industry in the UAE as well as in other countries worldwide has been affected negatively by the COVID‑19 outbreak.
Moreover, most of UAE’s big projects have passed the active consuming period, which led to low construction activity. According to the latest made-public figures by BNC Network, the total value of given projects plummeted by 17% year on year to $53.8 billion in Q1.
In addition to that, the New York Times informed that the economic slowdown in Dubai could wipe 5% to 6% off its GDP this year.
Flat steel market players are not very positive for the next coming months, as the fundamentals are weak and the government has announced severe expenditure cuts.