Custom Tariffs Reinforced - Steel & Lumber

Steel prices increased by 7 per cent to 10 per cent last week, while lumber prices held steady with a few exceptions.

"The main reason for that increase goes to the Customs Department's reintroduction of the 5 per cent tariff on imported steel that was cancelled for the last two years," said Ebrahim Al Rahmani, Chairman of Al Rahmani General Trading. He said the tariff was postponed for two years to help control inflation in the raw material prices that was affecting the property market. No additional tariffs had been applied to imports of steel from Qatar, Saudi Arabia and the other GCC countries.

Kannan said that prices of Turkish steel varied between Dh1,950 and D1,990 per tonne, but increased to between Dh2,150 and Dh2,180 per tonne. Qatari steel stabilised between Dh2,100 and Dh2,150 per tonne.

Nora Rahmani, General Manager of Pacific, a Sharjah-based raw material trading company, said that prices of some brands of lumber are expected to increase by five to ten per cent.

(via Gulf News)