Prices of construction steel in the United Arab Emirates continue to rise with the average price of one ton climbing 7.7% to AED 2,800 now from an average of AED 2,600 at the beginning of January.
The dealers and contractors attributed the price hike to an increase in shipping costs and in global prices of raw materials used in the steel industry in addition to a growth in demand in some regional countries that are witnessing a construction boom such as Qatar and Saudi Arabia.
Mr Elias Abdo local contractor said that the local construction sector is in a state of slump and there are no new tenders that could justify any increase in prices.