Key local rebar producer in the UAE, Emirates Steel Industries (ESI), has announced its domestic price for February production. The supplier has increased its price by $15/mt (AED 53/mt) over the past month to $532/mt (AED 1,953/mt) ex-works for 60-day payment.
Sources suggest that the uptrend is due to somewhat livelier rebar demand in the local market as well as to the currently solid global market pricing for square billet. In addition, traders say that currently there are no excessive rebar stocks in the market. The other rebar suppliers to the UAE, local producers and those from Oman, are expected to follow suit in the usual way.
$1 = AED 3.673.