It is heard that United Arab Emirates-based (UAE) steel producer Emirates Steel Industries (ESI) has revised its domestic rebar offers, reducing them by AED 116/mt as compared to last month to AED 1,900/mt ($518/mt) ex-works. On the other hand, it is observed that buyers in the local UAE rebar market are abstaining from concluding new purchases due to their already high inventory levels, while they want to operate with products in hand at least until new year. Meanwhile, UAE-based traders have followed producers’ lead and reduced their domestic rebar offers by an average of AED 70/mt week on week to AED 1,880-1,930/mt (512-526/mt) delivered to customer.
$1 = AED 3.67