On May 24, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), announced its rebar price for June production. Even though domestic market demand has remained reasonable and better than last months, with market participants estimating rebar consumption of approximately 170,000-180,000 mt, the company has chosen to lower its offers to activate more business activities.
As a result, the supplier's new rebar price has decreased by $25/mt (AED 92/mt) from the previous month to $665/mt (AED 2,442/mt) ex-works for June production, reaching $667/mt (AED 2,450/mt) CPT Abu Dhabi and $669/mt (AED 2,458/mt) CPT for Dubai, Sharjah and Northern Emirates for 90-day LC payment.
In addition, the company has announced its premium for rebar in coil at $10/mt and is charging premiums for 8 mm and 18 mm rebar at $25/mt (AED 92/mt) and $20/mt (AED 73,5/mt), respectively.
While other local producers have not yet released their prices, though they are expected to follow the same trend in the coming days, Arabian Gulf Steel Industries has announced a rebar price of $660/mt (AED 2,423/mt) ex-works.