Emirates Steel Industries (ESI), the leader of the rebar market in the United Arab Emirates (UAE), has announced its domestic price for December production. The new level is set at $486/mt (AED 1,785/mt) ex-works for 60-day payment, up $13/mt (AED 48/mt) compared to the mill’s previous official price.
However, UAE-based market players consider the supplier’s upward step as a much bigger price increase. In particular, in sales for November production, ESI was giving additional $22/mt (AED 81/mt) discounts, as SteelOrbis reported earlier. As a result, the deal prices from the other UAE-based rebar producers for November rolling were ranging at $430-438/mt (AED 1,580-1,610/mt) ex-works.
The higher ESI rebar offers in the market will give a breather to the other sellers to the UAE, but will also support the billet trade within the region. “Those who need to restock for December-January are now able to pay $410-415/mt CPT and above,” a source said.