Jul 08 2009 |
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UAE steel imports decline 75% on lower demand
Monthly steel imports to the UAE dropped by almost 75 per cent last month compared to July and August 2008, industry executives said, citing the lower demand and increased local production.While 800,000 tonnes of steel was imported into the UAE during July and August last year, only about 200,000 tonnes is being imprted currently. The peak monthly import in 2007 was around 450,000 tonnes.
Dubai's steel imports have dropped further by about 84 per cent from about 450,000 tonnes per month in July 2008 to around 70,000 tonnes in June 2009.
The UAE imported four million tonnes in 2004 and six million in 2006. This increased to nine million tonnes of steel in 2007. The country was ranked ninth in the world's top ten steel importers in 2007 by the UK-based Iron and Steel Statistics Bureau.
Local capacity expansion clubbed with reduced demand as a result of a slowdown in the construction sector and a glut in the local market have been cited reasons for the drop in imports.
Shyam Bhatia, Chairman of Alam Steel , said the current demand in the UAE is being satisfied by increased local production. "We have seen several capacity expansions within the UAE during the past two years. Local production will mean less dependence on imported rebar," he said.
RAK Steel began operations with a 500,000 tonnes per annum capacity in January. Emirates Steel's first phase of expansion has increased its production from 650,000 to two million tonnes per year. It recently announced phase two of the expansion that will boost its capacity further.
Ghassan Soudah, a senior manager at Balli Steel, said: "There are still existing stocks in the UAE, although some traders have started importing. We cannot call it normal consumption. However, stockists are importing unavailable sizes in the UAE."
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