UAE steel prices expected to drop

Stock from Turkey expected to bring prices down after slight increase

Steel prices are on the move.
Steel prices are on the move.

UAE galvanised steel prices increased 5% in week ending January 4 following renewed demand from the US, it has been reported.

But prices are expected to drop on the back of new stock from Turkey, said experts.

Rebar increased 1 percent while the cost of plates and galvanised steel climbed 3 and 5 percent respectively, said Emirates 24-7.

Hot-rolled coils (HRC) is around $700 per tonne while steel plate is $725, said the newspaper quoting information from the trading website, Steel Guru.

“Much of the HRC buying is taking place for pipe making for supplies to USA as Chinese material is facing anti-dumping,” said the website.

“Once the hype blows over and manufacturers traders [are] unable to hold on to prices, sentiments are likely to nose dive in February-end/early March. Moreover news of an arrival of an earlier booking of 200,000 tonnes from Turkey at price levels of $618 per tonne to $630 per tonne will certainly make life uneasy,” it added.

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