Following the announcement last week by local producer Emirates Steel Industries (ESI) of an AED 99/mt ($27/mt) month-on-month increase in its domestic
rebar price for March output to AED 1,789/mt ($487/mt) ex-works, domestic
rebar prices in the United Arab Emirates (
UAE) market have moved up.
After ESI's announcement, other local steel producers have increased their domestic
rebar prices, while
UAE-based traders have also raised their offers, increasing them by AED 15/mt week on week to AED 1,810/mt ($493/mt) delivered to customer.
The latest
rebar offers from
Turkey to the
UAE were heard last week at $450-455/mt CFR on theoretical weight basis. However, SteelOrbis is informed that
UAE-based buyers had considered this price level to be on the high side and so no demand for Turkish
rebar was seen in the country. It is observed that, under these circumstances, Turkish steel producers whose production costs have also increased due to higher import scrap quotations have not determined any new pricing strategy for the
UAE.
$1 = AED 3.67