The Peninsula reported that steel is the latest product to be costlier in Qatar, deepening fears of a general price rise.
Qatar Steel raised the prices of its steel in line with the global trend. This was the second time this year that the country''s largest and reputable steel maker resorted to a price hike.
The silver lining, though, is that Qatar Steel was among the last steel makers in the region and the rest of the world to effect a price escalation, pressured by the rising rates of key raw materials worldwide.
Current steel prices range up to QAR 2,955 a tonne locally, while the rate was as recently as until the end of last year around QAR 2,600 a tonne, so the price rise works out to more than 10%.
The first time the steel maker raised the rates of its products was a little more than a month ago when the prices were jacked up to QAR 2,780 a tonne. But with the latest raise the rate has reached QAR 2,955 per tonne.
Al Sharq quoted a local authorized dealer of Qatar Steel as saying yesterday that local steel was still cheaper than in other Arab and even GCC states.
And the raise was attributed to rising prices of pellets and scrap. Pellets were available for as much as USD 730 a tonne in the international markets from an earlier USD 580 to USD 600. Similarly, scarp rates have increased up to USD 430 a tonne in the global markets.
(Source: www.steelguru.com )