Emirates 24x7 reported that galvanized steel prices climbed by 5% in a week in the UAE as renewed demand from the US pushed prices up. However, the demand maybe short lived and, coupled with the expected arrival of fresh stock from Turkey, prices may fall in February 2011.
Steel prices inched up in the country as rebar, plates and galvanized prices went up by 1%, 3% and 5%, respectively, for the week ended January 4th 2011.
Transaction prices of hot rolled coils are bordering on USD 700 per tonne while the price of steel plates is around USD 725 per tonne, according to some of the recent bookings quoted by the site. Billets, on the other hand, are being booked at USD 640 per tonne CNF for 20,000 tonne parcel.
In December 2010, rebar producers in the UAE increased prices for January 2011 by AED 150 to AED 175 per tonne to AED 2530 to AED 2550 per tonne, which led to sluggishness in the market as demand remains patchy.