Last week, the leading United Arab Emirates (UAE) steel mill Emirates Steel Industries (ESI) announced its domestic rebar prices for July output, keeping them stable as compared to the prices levels shared for June output at AED 2,295/mt ($625/mt) ex-works, excluding five percent VAT. Market sources report that, since the anticipated post-Ramadan revival of domestic rebar demand in the UAE has failed to materialize for now, ESI has been unable to increase its domestic rebar quotations. On the other hand, domestic rebar prices in the UAE spot market have indicated a corrective fall following ESI’s decision to keep its list prices stable, though spot rebar prices are not expected to decline gradually in the coming days.
$1 = AED 3.67