Contractors and developers to face new hikes in reinforcement steel prices

摘要

Steel suppliers in the Gulf are warning contractors and developers to prepare for a summer of soaring reinforcement steel (rebar) prices, after a 33 per cent hike in the first five months of the year left prices at record levels in early June. Rebar prices hit dollars560 a tonne in Dubai on 7 June following a surge in global demand for steel, which is set to sustain prices at high levels for several months.