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WAM News

Daily, Dubai
Real estate and related financial markets and economy news from the Official News Agency of UAE.

Steel Prices decline 5.9 percent in January, says SCAD

Feb 13, 2012
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WAM Abu Dhabi, Feb 13th, 2012 The average prices of several building materials groups have undergone changes during January 2012, compared with December 2011, with the largest fall recorded in the average price of the "Steel" group, which declined 5.9 percent as items within this group retreated by 0.6 - 21.1 per cent, followed by the "(PVC) Pipes" group (down 5.6 per cent), "Transport equipment rents" (down 3.9 per cent) and "Wires for apartments", (down 3.6 percent), the Statistics Centre - Abu Dhabi (SCAD) said in its monthly report issued today.

The report presents an analysis of the movements in the prices of the various materials used in the construction industry in Abu Dhabi market during January 2012.

"The dissemination of the report, which presents a wide range of price data, is intended to serve the needs of data users in the public and private sectors in research, planning and decision making in ways that support the construction sector, besides related and dependent sectors", the centre said in a statement.

According to the monthly report of the centre, the prices of "Sink Stainless Steel with Mixer-Single" increased by 5.7 per cent in January, reflecting a rise in the range of 2.6 - 11.1 per cent in the prices of various item within this group. The next largest rise observed was in the prices of "Power cables", which advanced by 5.4 per cent, followed by "Cement" (up 4.2 per cent) and "Aggregates and sand" (up 2.8 per cent).

SCAD's report also reviews changes in building materials prices in January 2012 compared with January 2011, with the "Transport equipment rents " group showing the largest rise (30.7 percent) occurring between the periods compared, followed by the prices "Aggregates and Sand", which climbed 21.4 per cent as all items within this group registered price increases of 3.6 - 41.7 per cent. Furthermore, the prices of "Paints" advanced 12.2 per cent and "Bathroom set without accessories" by 10.6 per cent.

Meanwhile the average prices for "Diesel" and "Bathroom set with accessories" stabilized during January 2012 compared with January 2011.

However, some other commodity groups showed a decline in average prices during January 2012, compared with January 2011, as seen in the prices of "Waterproofing products", which fell by 16.5 per cent, followed by "Wires for apartments" (down 16.0 per cent), "(PVC) Pipes" (down 13.1 per cent) and "Concrete" (down 12.4 per cent).