«Emirates Steel Arkan»: 4.5 billion dirhams, the value of its sales locally in 2022
Rebar prices decline 20% during the second half
Muhammad Salem Al-Afari: “The economic recovery of the local sectors has positive effects on demand rates in the reinforcing steel sector.”
Mohamed Salem Al-Afari, Secretary General of the Emirates Iron Producers Committee and Senior Vice President of Marketing at the Emirates Arkan Steel Group, stated that the total value of rebar market sales in the UAE during 2022 is estimated at 4.5 billion dirhams.
He added, during a press interview held on the sidelines of the "Big Five" construction exhibition, at the Dubai World Trade Center, that the volume of consumption of reinforcing steel products in the local market from the beginning of the current year 2022 until the present time is estimated at two million tons, with a growth of more than 2% compared to the similar period of time. last year 2021.
Al-Afari stated that rebar witnessed varying price increases during the first half of this year, affected by international economic changes, the Russian-Ukrainian crisis, and the repercussions of the closure in Chinese factories, before it returned to record gradual declines during the second half, until it exceeded the total decline rate since the beginning of the half. The second is 20%, with the global price per ton reaching $660.
He stressed that the rapid economic recovery recorded by the local sectors, with the support of government initiatives and incentives, to confront the changes imposed by the "Covid-19" pandemic, had positive effects on consumer demand rates in the domestic reinforcing steel sector.
Al-Afari pointed out that "Emirates Arkan Steel" is currently preparing to implement new expansion stages in the production lines, to include flat iron products that are relied upon in the automobile industry and home electronic appliances, pointing out that the new expansion plans are currently in the preparation stages, and approvals are completed.
He stressed that the production of iron flats will support the increase in the annual production of the group from about 3.5 million tons annually to about 5.2 million tons at an expected date in 2026.
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