In SteelOrbis’ report published on April 24, expectations of a downward revision in United Arab Emirates (UAE)-based producers’ domestic rebar prices were mentioned, and on April 25 Emirates Steel Industries (ESI) announced a reduction in its domestic rebar quotations by AED 189/mt as compared to the previous price level to AED 2,223/mt ($606/mt) ex-works, excluding five percent VAT. Additionally, on the same day Conares announced its domestic rebar offers for May deliveries at AED 2,216/mt ($604/mt) ex-works, excluding five percent VAT, AED 165.5/mt lower as compared to April deliveries.
With the influence of the reductions seen in producers’ prices and the slacker demand in the local UAE rebar market to which the approach of Ramadan has contributed, domestic rebar prices in the UAE have declined by an average of AED 80/mt since April 24 to AED 2,280-2,310/mt ($621-629/mt) delivered to customer, excluding five percent VAT.
$1 = AED 3.67