The Dubai scrapyard scrapyard, which sells scrap metal from the UAE and Bahrain, said Wednesday it would scrap $1 million worth of steel plates and parts from its production line, citing a surge in demand and declining prices.
The Dubai scrapyards, which sell scrap metal with the UAE as its main export market, said its production was down 25 per cent in the past year.
Dubai scrapyards has been struggling to keep up with the increasing demand for scrap metal.
“In 2017, demand for metal scrap and plates from Dubai scrap yards and scrap yard contractors increased by nearly 100 per cent to $7.9 million, representing the largest single-day increase in scrap metal production in the UAE,” the company said.
It added that prices for scrap plates and scrap steel would remain stable in 2018 and 2019.
Dubai’s scrap yard scrap yard is located in the Sheikh Zayed Road Industrial Area.
A spokesman for the Dubai scrap yard declined to comment on the news.
More to come.