Qatar Steel freezes prices to curb inflation
Doha, April 23, 2008
Industries Qatar's steel unit is freezing prices for the next three months to help the government fight inflation, the company's general manager said in remarks published on Wednesday.
'Aligned with the government efforts to curb the current high inflation, Qatar Steel has decided to maintain the steel price in Qatar despite soaring raw materials and steel prices in the GCC countries as well as in the global markets,' Gulf Times reported citing Sheikh Nasser bin Hamad Al-Thani.
Prices would be fixed for the second quarter ranging between QR3,250 ($893.3) per tonne and QR3,300 per tonne, about QR1,000 less than in other Gulf Arab countries, the paper reported.
'This strategic move is to safeguard the development and high growth in Qatar,' Sheikh Nasser said.-Reuters