Business 24/7 reported that UAE government’s effort to control spiralling steel prices have succeeded
UAE’s ministry of economy said that the price of a tonne of steel went down to AED 2,700 per tonne from AED 3,300 per tonne in March and further retreat is likely in the coming few weeks.
Dr Hashim Al Nuaimi director of the Consumer Protection Department said that the ministry expects further retreats over the few coming weeks when a shipment of 150,000 tonnes arrives.
Also, the ministry has reached an agreement with Emirates Steel in Abu Dhabi to increase production by some 50,000 tonnes so that 200,000 tonnes will be available in the market.
He said the ministry daily co-ordinates with the Contractors Association to check any violations or hikes.
Al Nuaimi said the ministry yesterday issued the monthly report of commodity prices in March and it showed that prices of basic commodities are stable.