Abu Dhabi building material prices drop

PRICE DROP: Steel prices fell between eight percent and 31 percent in October, while cement prices dropped by eight percent. (Getty Images)

The cost of building materials in Abu Dhabi dropped in October, with steel prices tumbling as much as 31 percent, the emirate's Department of Planning and Economy (DPE) said on Saturday.

The DPE said its building materials price index showed steel prices fell between eight and 31 percent in October, compared to the previous month, while cement prices dropped on average by eight percent month-on-month, according to state news agency WAM.

The DPE said prices had fallen due a build-up of steel reserves locally and internationally, and because of plummeting oil prices and a drop in the price of iron ore.

Bucking the downward trend, the DPE said the price of bitumen, primarily used for paving roads, rose on average by eight percent month-on-month.

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