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Building materials prices except steel decline in Abu Dhabi

Steel News - Published on Tue, 04 Jan 2011

New figures from the Statistics Centre Abu Dhabi show that the costs of key building materials such as cement, steel and timber declined significantly during November 2010.

The report showed a decline of 0.1% to 3% in the prices of most types of cement during November 2010 as compared with the previous month. The price of Etihad and Emirates sulphate resistant cements fell by 3% and 1.2% respectively and the cost of construction steel fell 1.2% to 13.2%.

The SCAD said that the downward trend in the local building materials market could be attributed to a steady rise in the domestic supply of locally made and imported items, coupled with the relatively lacklustre activity experienced by the construction market.

The price of standard Portland cement also declined by 2.3%, while white cement edged down 0.1%. Omani gypsum was an exception to the general decline in the prices of group, growing by 3.4%, while the price of Omani lime stabilized in November 2010 compared to October 2010.

Mr Rizwan Sajan chairman of the Danube Group said that although the report highlighted a small decline in the cost of construction steel in November, prices had actually risen quite substantially over the past few months due to a scarcity of scrap metal in the region.

He said that \"The cost of construction steel has risen over the last few months not because of market demand but because of a scarcity of scrap metal in the region, which is a direct result of the severe winter weather affecting much of Europe. A large amount of scrap metal arrives in the UAE from eastern Europe, but the winter weather has led to a scarcity of raw material. I think we will continue to see the cost of construction steel rise over the next few months until the weather settles down, but we will probably see a softening of prices around March.\"

Meanwhile, higher import offers for almost all products led to increase in domestic prices of various steel products again.

(Sourced from Gulf News)

Posted By : admin on Tue, 04 Jan 2011
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