On April 21, Emsteel, the leading steel producer in the United Arab Emirates, has announced its rebar prices for May production, opting to keep price levels unchanged despite ongoing cost pressures stemming from higher raw material and energy prices amid regional tensions. This decision comes at a time when the Saudi Arabian market has seen consecutive increases in rebar prices during April, whereas the UAE market has moved in a more cautious direction. In this context, the rollover of prices appears to reflect already elevated price levels as well as a preference to maintain overall market stability. At the same time, demand conditions have softened compared to previous months, although consumption is still estimated at above 500,000 mt, suggesting a slowdown rather than a sharp contraction. Against this backdrop, market participants also point to a more measured approach overall, with some indications of government influence, supporting the view that maintaining stable pricing is a prudent move under current conditions.
As a result, Emsteel has set its rebar prices for May output at $740/mt (AED 2,717/mt) ex-works for 12-32 mm. On CPT basis, the company’s offers are reported at $743/mt (AED 2,728/mt) for Abu Dhabi and $745/mt (AED 2,736/mt) for Dubai, Sharjah and the Northern Emirates, with payment terms based on 90-day letters of credit (LC).
Meanwhile, other UAE-based producers have yet to announce their May rebar prices, though market expectations point to a similar pricing direction to Emsteel, consistent with the general tendency seen in previous months.
$1 = AED 3.672
