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Building materials prices drop in Abu Dhabi











There has been an observable drop in the prices of building materials in the emirate of Abu Dhabi during last October. This was especially noticeable in the prices of steel, (flat steel, beam steel, angled steel, steel bars and high tensile steel), which fell by 8 to 31% during the period specified. According to the building materials price index announced today by the Statistics Division of the Department of Planning and Economy Department in Abu Dhabi (DPE), the average price of Turkish flat steel decline 10% to AED 4,325 per ton from AED 4,800 per ton in September. The indicator also shows a decrease in the average price of Turkish beam steel from its September level of AED 5200 per ton to AED 4575 per ton in October. Over the same period, UAE made steel bars plummeted 23% to AED 3825 per ton, while Turkish high tensile steel registered the largest decline (31%) from AED 4438 per ton in September to AED per to AED 3075 per ton on average in October. A statement issued by the Statistics Division quotes vendors and suppliers as attributing the decline to both global and domestic FACTORS, citing the accumulation of surplus quantities of steel as a result of the global financial crisis and the recession that some major economies are going through as the root causes of the retreat in demand. The statement added that sliding oil prices lower shipping costs, coupled with the drop in the price of iron ore have in turn led to reduced cost increased supply of steel production in local markets, especially when it is borne in mind that that steel supplies are available from several other sources including China and Ukraine. According to the statement, one of the domestic reasons for the price fall was the fact that the local traders inundated the market with large quantities of steel fearing there would be storage difficulties. The quantities were purchased earlier in anticipation of further rises in steel prices, compared to those of the second quarter of this year. The Statistics Department said in the statement the decline ion steel prices was that accompanied by similar trend in the prices of cement for the average price has fallen 8% compared to their September level. However the index have shows a 8% rise in the price bitumen compared to their average for the month of September with the average price per ton of bitumen 70/60 reaching 2150 in October , while bitumen 70/60 (200 kg / barrel) rose by 7% from what its September level. It should be noted that according to the index, the price prices of some commodities (such as white cement, cement blocks, ceramic tile, glass and different types and paints remained stable during the past two months.

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