A "UAE Steel Producers Committee" has been established at a time when the industry is experiencing its best year in decades and is also facing major challenges caused by supply disruptions from last year's pandemic eruption. Steel prices have increased by more than 40 percent in the last 12 months and then brought opportunities.
Registered with the Abu Dhabi Chamber of Commerce, the Committee brings together 15 producers with a total annual surplus of 5 million tons. Anil Taurani, Vice Chairman of the Committee, said, "The UAE needed such a grouping for its steel industry." said. Arkan and Emirates Steel's CEO, Saeed Ghumran Al Remeithi, are Chairman of the Committee.
Taurani Holdings Managing Director, Taurani, said, "The industry needed direction on what to do next, which categories we should do better, whether we need more steel plants, etc." said.
When a group of like-minded organizations is created, it gives us a better platform to address common issues in the industry.”
A year like no other
Steel prices produced in the UAE are currently hovering around $700-900, up from 40-50 percent a year ago. As for imported steel, costs will be over $1,000 per tonne as there are also higher shipping costs, especially from China.
"This price differential has helped UAE steelmakers meet demand locally and from the US and Europe, where construction is gaining momentum," Taurani said. said. “In these 12 months, steel purchases have almost doubled and exports have also increased. I haven't seen anything like this in 40-45 years." said.
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