It is heard that United Arab Emirates-based (UAE) steel producer Emirates Steel Industries (ESI) has revised its domestic rebar offers, increasing them by AED 107/mt as compared to last month to AED 2,007/mt ($547/mt) ex-works. Market sources state that UAE-based producers have started to raise their domestic rebar prices gradually in line with their higher production costs caused by the increases recorded in scrap quotations. Additionally, traders in the local UAE rebar market are expected to raise their domestic offers due to higher ex-mill quotations. In line with these expectations, demand in the local UAE rebar market has accelerated over the past week and is currently lively. Domestic rebar prices in the UAE have remained stable week on week at AED 1,875-1,925/mt ($511-525/mt) delivered to customer.
$1 = AED 3.67