Qatar Steel sees Gulf rebar demand down 30pc
Doha, December 15, 2008
Demand for reinforcement steel used in construction, rebar, in the Gulf Arab region is expected to fall by at least 30 per cent in 2009, Qatar Steel said on Monday.
"It will be a very challenging year," said Ali Hassan Al-Muraikhi, manager at the commercial division at Qatar Steel, a unit of Industries Qatar.
"The demand will start declining and the decline will be in the range 30 per cent for 2009 considering the (global) financial problems and falling oil prices," he told Metal Bulletin's steel and iron ore conference in Dubai.
Infrastructure and construction demand had pushed rebar prices to above $1,500 per tonne in July. Falling demand since then have pushed them to around $500 per tonne currently.-Reuters