United Arab Emirates (UAE) based steelmaker Emirates Steel Industries (ESI) decreased its rebar prices towards the end of last week by AED 81/mt ($22/mt) to AED 2,016/mt ($549/mt) ex-works, as compared to its previous price levels for October output. Following this development, domestic rebar prices in the local UAE rebar market have softened by AED 20/mt ($5/mt) on the lower end to AED 2,030-2,070/mt ($553-564/mt) delivered to customer. Market sources state that ESI reduced its prices by a larger-than-expected margin in order to stimulate its year-end sales, though traders have not reduced their domestic rebar offers sharply since demand in the local UAE rebar market is still at good levels.
$1 = 3.67 AED