06 Apr 2010
(MENAFN) A senior official at the UAE Ministry of Economy said that the government will investigate the more than 60 percent increase in steel prices since the beginning of the year, Gulf News reported.
The official, who described the increase as unjustified, affirmed that the ministry is always keen to create equilibrium in the market between traders and consumers and will tackle the steel prices issue very soon.
The ministry will contact and meet steel factories in the UAE to investigate the issue of the high prices and will also monitor the import transactions of the previous month in order to check if there are any manipulation attempts in the market, he added.
The global downturn had forced the price of iron ore, the raw material used to make steel products, to fall by about 50 percent.
The UAE imported $9.55 billion worth of iron and steel in 2009, down from $10.97 billion the year before, while exports in 2009 reached $793 million, down from $898 million in 2008, according to Euro-Monitor research.
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more