Doha: Prices of all sizes of steel locally produced surprisingly increased recently by QR 200 per tonne. Imported rebar of size 8 prices jumped to QR 3000 per tonne.
Steel producers said the recent hike in steel prices was unjustified since the steel market is currently stable. They warned that the square meter construction cost would rise and consequently affect built or under construction properties.
Other distributors said the recent steel price hike was reasonable calling competent authorities to adopt required quick procedures top curb the hike signs in construction materials prices.
The high cost of the imported steel storage about monthly QR30,000-QR40,000 bears steel dealers great losses. electrical materials used in building finishing hiked also, said Jaber Al Marri, an authorised steel dealer.
Steel producers,which refrained from announcing the unjustified recent hike in steel prices, are required to clarify the issue to avoid embarrassing our customers, said Khalid Al Nueimi.
© The Peninsula 2011
