UAE-based Emirates Steel Industries (ESI) has decided not to make any change to its domestic rebar price for June production, most probably as demand remains moderate and trading activity will take some time to revive after Ramadan and in the post-lockdown period.
The official rebar offer from ESI for June production rebar has remained at $460/mt (AED 1,689.5/mt) ex-works, SteelOrbis has learned. Local producers Union Iron & Steel and Hamriyah Steel are officially offering at $459/mt (AED 1,685/mt) ex-works. “Official prices are rolled over, but there will be a discount again. Maybe in one or two days they will announce it,” a source told SteelOrbis. The latest workable price level has been reported at $436-444/mt (AED 1,600-1,630/mt) ex-works/CPT.
Minor rebar lots have been sold from Oman to the UAE at $433-436/mt (AED 1,590-1,600/mt) CPT for May production rebar. The same level is expected to be offered in the new trade round.
Domestic retail rebar prices in the UAE are set at around $476/mt (AED 1,750/mt) ex-warehouse for ESI origin material and at $456-463/mt (AED 1,675-1,700/mt) ex-warehouse for rebar of other origins, including rebar from Oman.
$1 = AED 3.673