Qatar Steel freezes prices to curb inflation

PRICE FREEZE: Qatar Steel has locked in prices in an effort to curb inflation. (Getty Images)

Industries Qatar's steel unit is freezing prices for the next three months to help the government fight inflation, the company's general manager said in remarks published on Wednesday.

"Aligned with the government efforts to curb the current high inflation, Qatar Steel has decided to maintain the steel price in Qatar despite soaring raw materials and steel prices in the GCC countries as well as in the global markets," Qatari daily Gulf Times reported, citing Sheikh Nasser bin Hamad Al-Thani.

Prices would be fixed for the second quarter ranging between 3,250 riyals ($893.3) per tonne and 3,300 riyals per tonne, about 1,000 riyals less than in other Gulf Arab countries, the newspaper reported.

"This strategic move is to safeguard the development and high growth in Qatar," Sheikh Nasser said. (Reuters)

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