SteelOrbis has been informed that rebar prices in the local UAE market have increased by AED 10/mt ($3/mt) over the past two weeks and are currently in the range of AED 2,280-2,300/mt ($621-627/mt) delivered. Transaction activity for both local production and imported rebar in the UAE has remained at medium levels in the given period.
UAE-based steel producer Emirates Steel Industries (ESI) has increased its rebar prices by AED 39/mt ($11/mt) for August production, compared to its prices for July production, to AED 2,280/mt ($621/mt) ex-mill. Traders in the local UAE market have followed the example of ESI's price increase and revised their prices upwards as well.
During the past two weeks, ex-Turkey rebar deals to the UAE have been concluded for a total of 30,000 mt at $580-583/mt CFR, on theoretical weight basis and for September shipments. On the other hand, the hot weather in the UAE has had a negative impact on domestic steel production. However, preparations for EXPO 2022, such as work on canal construction and airport extension projects, have already started to accelerate. Therefore, market sources expect transaction activity in the UAE rebar market to remain stable and not to weaken in the coming period.
$1 = AED 3.67