Due to the ongoing weakness of demand in the local United Arab Emirates (UAE) rebar market as well as the sluggishness in the UAE’s construction sector, Emirates Steel Industries (ESI) has reduced its domestic rebar quotations to AED 2,007/mt ($547mt) ex-works, excluding five percent VAT.
Additionally, retail prices of ESI’s rebar in the UAE market have declined by AED 5/mt as compared to SteelOrbis’ report published on May 28 and are currently in the range of AED 1,920-1,950/mt ($526-531/mt) delivered to customer. Retail prices of previously-bought ESI rebar are thought to be offered by traders at AED 2,007/mt ex-works, excluding five percent VAT. Meanwhile, SteelOrbis has been informed that traders are offering much lower prices for the same product at AED 1,890/mt ($515/mt) delivered to customer for large volumes.
Meanwhile, Conares and Hamriyah have respectively announced their domestic rebar prices at AED 1,800/mt ($491/mt) ex-works and AED 1,805-1,825/mt ($492-497/mt) ex-works.
In the meantime, prices recorded in other local producers’ domestic rebar sales have moved down by AED 55/mt as compared to May 28 to AED 1,850-1,860/mt ($504-507/mt) delivered to customer.
$1 = AED 3.67
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