On March 22, UAE’s main steel rebar producer Emirates Steel Industries (ESI) has announced its price for April production. The mill has decided to keep its official rebar offer stable compared to the previous month, at $691/mt (AED 2,535/mt) ex-works, for 90-day LC payment.
Other Emirati rebar producers followed the same pattern. Accordingly, Conares and Union Iron & Steel voiced their offers for April production at $689/mt (AED 2,530/mt) ex-works and $681/mt (AED 2,500/mt) ex-works, respectively, unchanged from March. Hamriyah Steel’s rebar is still officially available at $676/mt (AED 2,480/mt) ex-works.
However, overall business conditions remain challenging in the UAE’s domestic rebar market, with Omani mills trading quite aggressively. As SteelOrbis reported earlier, a few deals of ex-Oman rebar to the UAE were fixed at $625-640/mt (AED2,300-2,350/mt) CPT for March production. “A roll-over of domestic prices is good news indeed. Taking into account the approach of Ramadan, there have been solid concerns that prices would decline,” a UAE-based source commented. Omani mills are expected to announce new rebar offers not earlier than tomorrow.
$1 = AED 3.67