Following the announcement of domestic rebar prices in the UAE for December production, Omani mills have also started to voice indications for Emirati customers. The newly voiced offers are considered by most customers as being totally unworkable, though a price increase had been expected.
Accordingly, one of the main Omani suppliers announced its offers for December production at $556/mt (AED 2,041/mt) CPT Dubai for 90-day LC payment, citing a considerable rise in input costs. In the previous round of sales, the deals for ex-Oman rebar were concluded mostly at $482/mt (AED 1,770/mt) delivered, as SteelOrbis reported earlier. “I think they [the mill] are having some issues and purposely do not want to sell this time. There are many reports in the market about their internal issues,” one Emirati trader commented. The producer is said to be focused on billet sales currently. “The new level is not possible to achieve in the UAE right now. How can they sell at AED 200/mt more than local rebar?” another UAE-based source stated. According to sources, one Emirati mill has recently sold about 35,000 mt of rebar domestically at $504/mt (AED 1,850/mt) ex-works.
As SteelOrbis reported earlier, local rebar giant Emirates Steel Industries announced its offers for December production rebar at $540/mt (AED 1,984/mt) ex-works, increasing them by $13/mt (AED 48/mt) compared to the previous level.