US DOC sets duties on steel nails from the UAE

Sat, 28 October 2011

The US Department of Commerce (DOC) announced Friday preliminary antidumping duties on all imports of certain steel nails from the United Arab Emirates. These duties, which range from 19.23 percent to 61.54 percent, are the result of an investigation that was requested March 31, 2011 by Mid Continent Nail Corporation.

Dubai Wire FZE has been assigned a preliminary antidumping duty margin of 27.73 percent of the entered value of the goods. Precision Fasteners LLC has been assigned a preliminary antidumping duty margin of 19.23 percent of the entered value of the goods. Tech Fast International LLC has been assigned a preliminary antidumping duty margin of 61.54 percent of the entered value of the goods. Exports from all other UAE producers are subject to a dumping duty margin of 23.48 percent of the entered value of the goods.

The investigation covers certain steel nails up to 12 inches long that are produced from any type of steel. The steel nails covered by the petition can have a variety of finishes, heads, shanks, points and sizes, and may be sold in bulk or collated into strips or coils using materials such as plastic, paper or wire. Commerce's final determination in this case will be announced no later than March 13, 2012.

Certain steel nails subject to this investigation are currently classified under the Harmonized Tariff Schedule of the United States (HTSUS) subheadings 7317.00.55, 7317.00.65 and 7317.00.75.

Tags: USA , UAE , longs , Middle East , North America , steelmaking , trading , quotas & duties

source: steel orbis

Turkey’s steel product exports to UAE fall 18 percent in Jan-Aug

Friday, 16 September 2011

In the January-August period of this year, Turkey's steel product exports to the United Arab Emirates, its largest steel export market, fell by 18.03 percent year on year, dropping to 1.1 million metric tons, according to the data provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB). The revenue generated by these exports came to $762.36 million, decreasing only by 0.4 percent as compared to the corresponding period of 2010, due to increased steel prices.

Meanwhile, as compared to the first eight months of 2008, Turkey's steel product exports to the UAE in January-August of the current year regressed by 76 percent in volume and 82.7 percent in revenue.

Steel product exports to the UAE accounted for a 9.5 percent share of Turkey's total steel product exports in the January-August period this year, down from the 12.5 percent share recorded in the first eight months of 2010, and significantly down from the 33.3 percent in the corresponding period of 2008.

In the first eight months of this year, Turkey's leading exported steel product to the UAE was steel bars, including rebars, with a volume of 930,655 metric tons, up 12.37 percent year on year, followed by steel billet with an export volume reaching 141,096 metric tons, 68.28 percent lower as compared to the year-ago period.

In the period in question, steel bar exports accounted for 80.95 percent of Turkey's total steel product exports to the UAE, while steel billet constituted 12.27 percent of the total exports.


Tags: rebar , billet , longs , semis , Turkey , UAE , Middle East , imp/exp statistics , steelmaking , Non-EU Countries

(sourced steelorbis)

Nigeria to open investment promotion units in Mines Ministry

Monday, 22 Aug 2011

In a bid to attract local and foreign direct investment for the development of the nation' mining industry, Nigerian government said that it will open investment promotion units in the Ministry of Mines and Steel Development and its agencies.

Mr Musa Mohammed Sada minister of mines and steel development made this known when he received a delegation of investors from Dubai, United Arab Emirates. He said the process of establishing the investment promotion units is in progress.

He explained that when the program is completed, both local and foreign investors will easily access on line any investment information they seek for in the minerals and metal sector. He said that the Federal Government was ready to assist and collaborate with foreign investors towards the development of Nigeria’s mining industry.

Mr Sada said that one major challenge militating against the development of the nation’s mining industry was funding. He added that the present administration was trying to address that challenge through the establishment of a Solid Minerals Development Fund, whose Board of Directors will be inaugurated soon.

According to him, banks and other financial institutions in the country are beginning to show interest of investing in the nation’s mining industry as a result of reforms in the sub sector. He added that the sector is driven by the private sector while government administers and regulates.

Mr Sada stated that the Federal Government was focused on the development of seven strategic minerals such as coal, bitumen, iron ore, lead zinc, barytes, gold and limestone.

Mr Mujtaba Sarfaraz SVP of Mas Clearsight Limited said that the essence of their visit was to explore the possibility of investing in Nigeria's mining industry.

He disclosed that his company is into mine development and feasibility studies among other areas. Some of the minerals they intend to explore and exploit in Nigeria include coal, iron ore, manganese and copper among others.

(sourced Thisdaylive)

Rise in overseas investors seeking property in Dubai

Thursday 10 March 2011, 10:46 AM

Dubai, Mar 10 (PTI) Dubai''s property market has witnessed a rise in the number of overseas investors three months into 2011 even as construction work picks up on previously announced projects, a company executive has said.

Although some delays are likely, it has been said that no major cancellations are expected to happen to the projects targeted for completion this year, Michael Michael, Director of Sales at Landmark Properties, said in a statement.

Also instilling confidence in Dubai''s economic status is the survey recently released by The Foreign Investment Office of the Dubai Economic Department, which stated that more than 80 per cent of investors plan to maintain or increase their investment in Dubai.

Throughout the start of 2011, Landmark Properties -- one of the largest property brokerage agencies in the UAE -- has witnessed an increase in interest, specifically from overseas investors seeking property within Dubai.

Michael Michael explained, "From the end of last year onward, we have seen a definite increase in interest from overseas clients." Michael added, "Such investors are mainly from countries within the GCC or Eastern Europe, indicating a growing sentiment that Dubai''s property market is now offering investors greater value for money." "Although the market is still relatively immature in terms of large institutional overseas investors, Dubai now seems to be back on the agenda for many parties," Saeed Hashmi, Head of Valuation and Advisory at Landmark Advisory, said.

According to Hashmi, the type of property overseas clients are looking for varies, with many wanting to invest heavily across various property sectors.

Hashmi also confirmed that "in comparison to mature Western markets, investment property in Dubai attracts much higher equivalent yields, i.e. over 9 per cent for prime property, albeit under differing terms," suggesting that the significant yield margin and long-term growth prospects in certain sectors is re-attracting healthy investment appeal.

For the foreseeable future, Landmark Advisory predicts that industrial property will be favored among such clients due to the amount of quality stock in Dubai, coupled with the dynamics of the Emirate''s economy and strong history within trade and industry segments.

Hashmi also said this overseas trend is spilling into the residential market too, as investors are looking to pick up quality products at historically affordable prices. "Even comparing residential prices in Dubai with other international markets, Dubai is now offering more for less," he added. PTI CORR ARV

Abu Dhabi Bildco net falls 41pct on lower sales

Tuesday, 22 Feb 2011

Construction Week reported that Abu Dhabi National Company for Building Materials saw net income fall 41% for 2010 on the back of sharply lower sales as the competition among providers of basic supplies intensifies in the region.

After tax gains fell to AED 28.7 million from AED 48.6 million the previous year. Sales declined from AED 859 million to AED 538.8 million or 37%, to reduce the company’s total gross income to AED 73.4 million from AED 106.92 million. Its shares fell more than 9.5%.

The company also known as Bildco produces cut and bent steel, paving slab, tiles, concrete blocks and cement among other items and has stakes in separate businesses in aerated concrete, steel and reinforcing steel. Its financial results show that although its provision for doubtful debts reduced from AED 11.4 million to AED 5 million its interest owed to banks increased.

The price of many building materials had dropped for much of 2010 though December statistics from the Statistics Centre Abu Dhabi, the independent research firm that tracks the industry has found prices for some key items rise in price.

The average price of sulphate resistant and Portland cement per tonne from the UAE in December rose 2.6% and 3.3% respectively against November with concrete ready mix per cubic meter rising by as much as 12.2%. Steel bars between 10 mm to 25mm rose 14.6% from AED 2,314.4 per tonne to AED 2,652.2 still 9% down from the AED 2,937.5 average price in May when renegotiated iron ore contracts from some of the world’s biggest mining firms sent the price of steel soaring.

Political unrest in Egypt over the last 6 weeks caused some producers to rein in their supply to the country and distribute elsewhere.

One Dubai based producer told Steel Business Briefing that it has cut its ex works rebar prices from USD 700 per tonne to USD 670 per tonne of its Egypt bound steel. Other offers into the region are currently said to be around USD 675 per tonne to USD 690 per tonne fob from Turkish producers and USD 640 per tonne to USD 650 per tonne fob from Byelorussia.

(Sourced;constructionweekonline.com)

Oman to hire consultants to develop first rail network

Thursday, 03 Feb 2011

Bloomberg reported that Oman will appoint project and design consultants in June 2011 to help create the Arabian Gulf country's first railway network.
Mr Salim Al Affani head of planning at the Supreme Committee for Town Planning said that the network's construction will take four years. Freight and passenger services are scheduled to start in 2017.

Mr Al Affani said that Oman, one of six countries that make up the Gulf Cooperation Council, is trying to improve transport links with other Middle Eastern nations. Ten companies have been shortlisted for each contract that will be awarded in June 2011. He declined to name the shortlisted companies or give a value for the project, citing government policy.
In the first phase, 1,000 kilometers of track will link Muscat with the town Sohar as well as a rail network the neighboring UAE is developing. The second phase will include an additional 600 kilometers of track connecting the capital with Salalah in Oman’s south.

Mr Al Affani said that "We have visibility on phase one and from there it depends on the government's willingness. Studies have shown that the potential is low for the second phase because of the high cost, but the government is still intending to proceed with what’s planned for now."
Mr Salim Al Affani also the head of Abu Dhabi's Union Railway Co said in November 2010 that the UAE railway line will link with a train system covering the six cooperation council countries in seven years.(sourced:bloomberg.net)

Emirates Steel 2010 output by 120pct YoY

Wednesday, 26 Jan 2011
UAE's Emirates Steel Industries PJSC, the state owned company operating a plant in Abu Dhabi, said that it increased its production by 17.5% YoY and sales by 120% YoY in 2010 as compared to the year ago period.

According to figures released by the company, rebar production increased by 7.5% in 2010 compared to 2009; while the output of wire rod went up by a significant 64.5%. Billet production increased by 150% in 2010 compared to the last three quarters of 2009; while the production of direct reduced iron went up by 640% in 2010, compared to the last quarter of 2009. Emirates Steel's Melt Shop commenced production in March 2009, while the Direct Reduction Plant was commissioned in October 2009.

Mr. Gregor Munstermann CEO of Emirates Steel said “These are significant increases in our production and sales volumes considering the challenges faced in our local and regional markets. The construction sector is the primary consumer of our rebar and wire rod products.”
He added that “Our objective is to be one of the leading regional companies in steel making. To reach this goal, we are working hard to eliminate bottlenecks in production; like most steel makers, we have to operate our facilities at or near full capacity to make an acceptable profit.”
The Company sells around 80% of its finished products in local markets, while the balance is exported to Jordan, Saudi Arabia, Kuwait, Oman, India, China, the Far East and Pakistan.(Sourced from ameinfo.com)

UAE steel consumption to increase 4pct in 2011 - Gulf News

Exhibition, reported that United Arab Emirates' steel consumption is expected to rise by 4% in 2011 to 6.6 million tonnes, helped by demand from the oil and gas industry.
The Dubai based daily quoted Mr Saadath Thajudeen head of business at Al Ghurair Iron & Steel as saying that consumption may grow 5% to 6% in the Middle East in 2011, led by Saudi Arabia and the UAE, as projects valued at USD 2.96 trillion are being executed or planned.
He said “With this flurry of development, Middle East steel demand is set to see an 11.9% increase in CAGR in the next 10 years.”
UAE awarded USD 39 billion of contracts in 2010 in energy, infrastructure and buildings, Gulf News said, citing business advisory company Venture Middle East. Contracts across the six nation Gulf Cooperation Council were valued at USD 148 billion.
Sourced from Gulf News