Global crude steel production rose at an annual 2.2 per cent rate in May as output in China hit new record levels and North American and European mills cranked up production, industry data showed, pressuring prices the world over.
Saudi Basic Industries Corporation (Sabic), the Gulf's largest steel maker, said on Saturday it will cut reinforcing bar (rebar) prices, a third cut since September amid signs of slowing demand.
Sabic, whose subsidiary Hadeed is the kingdo
Steel prices in Abu Dhabi soared 91 per cent in the first half of 2008 as demand for construction materials drained the local market, official data showed on Sunday.
Building material suppliers are struggling to keep up with demand as the
Steel prices in the United Arab Emirates have dropped about 15 per cent since the end of July as a decline in global prices coincided with the summer lull in the desert country, traders said on Sunday.
A tonne of reinforcing steel bar (reb
Qatar plans to freeze the price of steel and cement for three years and extend a diesel subsidy as it seeks to tackle near-record inflation, a report said.
States across the world's biggest oil-exporting region, including Qatar,