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UAE: Rebar prices decline 20% during the second half

The Secretary-General of the Emirates Iron Producers Committee and Senior Vice President of Marketing at the Emirates Arkan Steel Group, Mohammed Salem Al-Afari, stated on the sidelines of the “Big Five” construction exhibition at the Dubai World Trade Center that the volume of consumption of reinforcing steel products in the local market since the beginning of the current year 2022 and up to the present time, is estimated at two million tonnes, with a growth of more than 2% compared to the same period of 2021.

Al-Afari stated that rebar witnessed varying price increases during the first half of this year, affected by the global economic changes, the Russian-Ukrainian crisis, and the repercussions of the closure in Chinese factories before it returned to record gradual declines during the second half, until it exceeded the total decline rate since the beginning of the second half of 20%, with the global price per tonne reaching $660.

He stressed that the rapid economic recovery recorded by the local sectors, with the support of government initiatives and incentives, to confront the changes imposed by the “Covid-19 pandemic” had positive effects on consumer demand rates in the domestic reinforcing steel sector.

 

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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