The Emirates Steel Industries (ESI), an important steel producer in the United Arab Emirates (UAE), announced its domestic rebar quotations for August output last week at AED 1,872/mt ($510/mt) ex-works. New price level is seen to be AED 97/mt ($26/mt) higher than ESI’s price levels announced for June and July output.
Following this announcement made by ESI, UAE-based traders have also increased their domestic rebar quotations by AED 75/mt ($20/mt) week on week to AED 1,920-1,930/mt ($523-526/mt) delivered to customer. On the other hand, UAE-based buyers have slightly accelerated their purchases compared to last week, while demand is reportedly at good levels. Markets sources state that the better demand has also pushed up domestic rebar quotations, while they believe domestic rebar prices in the UAE may increase further in the coming days.
Additionally, market sources report that, similar to last week, no new rebar offer from Turkey to the UAE has been heard this week. It is observed that buyers in the UAE prefer to work with local suppliers due to their attractive prices and delivery times. As a result, demand for Turkish rebar in the UAE has not improved during the past week.
$1 = AED 3.67