Abu Dhabi – Mubasher: Emirates Steel approved cutting its prices of reinforcing steel by AED 90 during May 2017, according to Albayan newspaper.
The price per tonne will accordingly reach AED 1,690 in May, compared to AED 1,780 in the week before, Albayan pointed out.
The prices of raw materials declined in the last few days on international markets, which prompted the UAE company to reduce prices locally, Emirates Steel CEO Saeed Al Remeithi said.
Fixing the prices will pave the way for Turkish reinforcing steel imports, he added, noting that his company’s decision faced objections from a number of traders who bought large quantities of steel in order to store them and sell them at high prices.
