The lingering weak demand for long steel has continued to stifle Emirati rebar suppliers. Specifically, according to market sources, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Industries (ESI), has recently issued its new rebar price for August production, adjusting it downwards for a second consecutive time. The producer was not available for comment by the time of publication.
Accordingly, the company dropped its rebar price for August production to AED 2,883/mt ($785/mt) ex-works, down AED 674/mt ($20/mt) compared to the initial offers declared at the end of July.
With the current developments in the market, the positions of Emirati retailers are becoming weaker. Currently, rebar from them is said to be available at $749-770/mt (2,750-2,830/mt) ex-warehouse, for cash payment, with the higher end of the range valid for ESI-origin rebar. “It is like a maze for suppliers, with absolutely no demand on the way,” a UAE-based producer commented.
$1 = AED 3.67