Emirates Steel Industries (ESI), the leader of the longs market in the United Arab Emirates (UAE), has freshly announced its rebar price for January production. Its official offers have increased by $31/mt (AED 115/mt) over the past month to $517/mt (AED 1,900/mt) ex-works for 60-day payment. The other local suppliers traditionally follow suit. For now, Union Iron & Steel has announced a rebar price of $516/mt (AED 1,895/mt) ex-works.
Omani rebar sellers to the UAE are expected to increase their rebar offer levels for January deliveries by around the same amount. In the previous round, deals were mainly closed at $468-472/mt (AED 1,720-1,735/mt) CPT and at up to $475/mt (AED 1,745/mt) CPT from some mills, all for 90-day payment, SteelOrbis understands
The sizeable price increase for rebar in the UAE provides support for business activity in the square billet sector, specifically for regional sellers. Local billet prices in the Emirates are voiced at $460/mt ex-works/CPT, while Oman’s Jindal Shadeed has freshly offered $470/mt CPT for wire rod grade. It is worth mentioning that the supplier’s billet allocation for January is limited.
