Demand in the local United Arab Emirates (UAE) rebar market is still at low levels, while Emirates Steel Industries (ESI) has kept its domestic rebar quotations stable for June output week on week at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT. On the other hand, SteelOrbis has been informed that buyers are asking for lower prices from ESI for large volumes. This sideways movement of the local UAE rebar market has been caused by the approaching end-of-Ramadan holiday and also due to weakly-filled June order books of UAE-based mills.
Additionally, ESI’s rebar is mostly sold at AED 1,930-1,950/mt ($531-542/mt) delivered to customer in the retail market, indicating a AED 35/mt fall week on week, while other mills’ sales are mostly concluded in the range of AED 1,900-1,920/mt ($523-526/mt) delivered to customer, indicating a AED 20/mt decline week on week. Some buyers in the local UAE rebar market continue to conclude purchases in line with their needs, while others are waiting until after the approaching holiday to do so.
$1 = AED 3.67