In line with expectations, UAE-based steelmaker Emirates Steel Industries (ESI) reduced its domestic rebar prices by AED 117/mt last week to AED 2,178/mt ($593mt) ex-works excluding five percent VAT, as compared to its previous price levels announced on June 27.
Following this development, domestic rebar prices in the United Arab Emirates (UAE) have fallen by an average of AED 45/mt week on week to AED 2,220-2,250/mt ($605-613/mt) delivered to customer, excluding five percent VAT. Currently, demand in the local UAE rebar market is at low levels, while it is not expected to revive in the short term. Similarly, trading activity in the market is not expected to accelerate before the Feast of Sacrifice holiday in August.
$1 = AED 3.67