Over the last few years, steel in the UAE market has witnessed a stable annual growth of 5 to 15%. At The Big 5 show, CEO of Conares Bharat Bhatia says that as the number of projects increase, traders in the UAE are keen to buy from local manufacturers in order to save inventory cost and avoid risk of price fluctuations.
“There are positive expectations on steel demand, which will grow substantially from 2016 onwards. This will have an additional growth of 10 per cent on a yearly basis from 2017. From the steel industry standpoint, local manufacturers will be in a strong position to cater to each of the upcoming projects,” he said.
Keeping this in mind, steel manufacturer Conares is planning to expand within the domestic market as well as explore export opportunities.