The largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), has announced its rebar price for May production. The company has decided to reduce its offers due to poor domestic end-user demand and sluggish daily business activities.
“Demand was weak throughout Ramadan and the Eid holiday, so prices decreased, but we expect demand to increase this month,” a UAE-based producer told SteelOrbis.
Accordingly, the company’s official rebar price for May production has decreased by $35/mt (AED 129/mt) from the previous month to $694/mt (AED 2,549/mt) delivered to Dubai and $692/mt (AED 2,541/mt) delivered to Abu Dhabi.
The other domestic rebar producers in the UAE are expected to announce their prices a little later, but their prices are traditionally in line with ESA’s price levels. For now, only Arabian Gulf Steel Industries has announced its intention to offer the same price level as ESA.