Amid the ongoing weakness of the construction sector, Emirati rebar producers have again opted to roll over their prices for the next month’s production. However, practically all market insiders had expected that in this round of sales the producers would make attempts to increase their prices, appealing to higher input costs, among other factors.
Accordingly, the UAE’s main steel rebar producer Emirates Steel Industries (ESI) has announced its rebar price for May production at $691/mt (AED 2,535/mt) ex-works, for 90-day LC payment, unchanged from the April. The rebar produced by another UAE-based producer, Union Iron & Steel, is available at $689/mt (AED 2,530/mt) ex-works, also unchanged. While UAE-based Conares is taking its time to announce new offers, Hamriyah Steel is said to be in the market with offers for its May production rebar at $654/mt (AED 2,400/mt) ex-works, down $22/mt (AED 80/mt) month on month. “Unfortunately, there is still no boost. The private sector is only the one active sector in today's scenario,” a UAE-based seller stated. “We were thinking of at least $710/mt levels. However, no one dared,” another Emirati rebar supplier stated.
$1 = AED 3.67