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Middle East

Pivotal in the UAE’s construction, manufacturing and oil/gas sectors for their corrosion resistance and durability, stainless steel alloys are witnessing robust demand driven by the significant number of infrastructure projects and industrial activities.

A landmark investment of US$ 100 million by UAE-based Green Metal Industries is poised to revolutionize the steel sector. This substantial investment will finance the construction of a state-of-the-art plant in Kezad, Abu Dhabi, aimed at bolstering regional innovation, economic growth and employment opportunities. The facility will specialize in producing premium materials, including various alloy grades and stainless steel. This strategic move aligns with the escalating demand for eco-friendly steel products in the UAE and neighbouring regions.

Looking ahead, metal prices are expected to exhibit nuanced trends. Projections include a decline of 5% in 2024 and stabilization in 2025. Nickel is expected to witness the most significant price drop, followed by aluminium, tin, zinc, lead and copper. However, market dynamics remain susceptible to a variety of risks, including global economic slowdowns, trade tensions, geopolitical conflicts and supply chain disruption. Despite these challenges, the transition to renewable energy sources offers prospects for long-term stability in metal prices.