A recent report claims that the cost of steel has almost doubled (an increase of 91%) in the last six months.
And while the steel industry is booming in the region due to the extraordinary number of major construction projects, there is a significant imbalance between supply and demand.
Consumption of steel in the Middle East is growing at a phenomenal rate.
By 2010 the region is expected to consume 60 million tonnes a year, while expected to only produce 35 million tonnes per year.
This massive imbalance between supply and demand therefore means that the business opportunities for those involved in the region’s steel sector is immense.