Steel prices in the United Arab Emirates (UAE) have dropped about 15 per cent since the end of July as a decline in global prices coincided with the summer lull in the desert country, Reuters reported. A tonne of reinforcing steel bar (rebar), used in construction, fetched around $1,400 yesterday, down from around $1,650 in last week of July, dealers said. On July 20, a tonne of steel was traded at around $1,700 a tonne as demand for construction materials continued to drain the local market. Gulf States are investing heavily in construction and suppliers of building materials are struggling to keep up with demand in the UAE, the second-largest Arab economy.
