After observing a gradual increase in local demand, Emirati rebar retailers have chosen to raise their offer prices in comparison to the previous month. According to market players, although the Eid holiday is approaching and may slow down trade for a brief period, expectations for the coming month remain optimistic. While April consumption levels were at about 375,000 mt, May consumption is projected to be in the range of 380,000-400,000 mt. Meanwhile, Emsteel, the UAE's leading domestic producer, has kept its prices stable month on month, citing a positive outlook and strong demand.
As a result, for Emsteel-origin goods with 90-day letters of credit, retailers' current workable levels in the UAE have increased month on month, from AED 2,310-2,430/mt ($628-661/mt) CPT to AED 2,420-2,430/mt ($658-661/mt) CPT. Meanwhile, offers for non-Emsteel materials are mostly stable from last month at AED 2,260-2,300/mt ($615-626/mt).
While Arabian Gulf Steel, another rebar mill, has not yet released production prices for June, it is likely to follow Emsteel's lead and declare the same price of $620/mt (AED 2,280/mt) as last month.
Omani suppliers, on the other hand, have increased their offers, with June rebar offers to the UAE submitted at AED 2,280/mt ($620/mt) CPT, up from AED 2,250/mt ($612/mt) CPT, for 90-day letters of credit.
$1 = AED 3.67
$1 = OMR 0.3845