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GCC iron and steel demand on the rise


 
Gulf News Dubai: Demand for steel from UAE stood at 3.5 million tonnes in 2006, according to industry estimates. The region's import of iron and steel products during 2005 totalled 14.3 million tonnes.

"With over $1 trillion worth of infrastructure projects in the pipeline, there are no indications of any let up in the region's demand for iron and steel in the near future.

In fact, the demand for iron and steel in the GCC region is expected to increase by 31 per cent to 19.7 million tonnes by 2008 as a result of heightened construction activities," a statement said.

The demand for iron and steel products in 2005 stood at 15 million tonnes with a substantial share of it met through imports.

"The GCC region is well on its way to becoming an important iron and steel production centre in the Middle East. In 2005, the GCC States had invested $6.5 billion on the manufacturing of iron and steel products," according to a report by Gulf Organisation for Industrial Consulting (GOIC).

Other than the GCC States the rest of the Middle East too has been experiencing a significant increase in demand for construction materials, particularly steel.

According to Steelworld, a trade magazine in the Asian Iron and Steel sector, the total steel production from January 2006 to November 2006 in the Middle East was 13.5 million tonnes against a figure of 13.4 million tonnes during the same period the previous year.

The world crude steel production for the year 2005 stood at 1129.4 million tonnes while for the period from January 2006 to November 2006 it was around 1111.8 million tonnes.

"The increase in demand for iron and steel and the subsequent increase in their production as well as imports is no doubt a positive sign for the Middle East Iron and Steel industry," said D.A.Chandekar, Editor and CEO of Steelworld.

"However, at the same time, the rapid growth has also meant that several prime issues are now unexpectedly facing the industry point-blank and they need to be resolved at the earliest."

The magazine is organising the Gulf Iron and Steel Conference at Expo Centre Sharjah on January 29 and 30 this year.

The Gulf Iron and Steel Conference will focus on several crucial issues facing the regional Iron and Steel sector.

The conference will be held alongside the third edition of SteelFab at Expo Centre Sharjah, the Middle East's largest display of steel, fasteners, accessories, surface preparation, machinery and tools, welding and cutting, finishing and testing equipment, and coatings and anti-corrosion material.

SteelFab will be held from January 29-31 and will feature over 280 brands and companies from 34 countries. "SteelFab is the region's largest sourcing platform for the steel working industry," said Saif Al Midfa, director-general, Expo Centre Sharjah.

 


 

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