While demand in the local United Arab Emirates (UAE) market is still slack, last week Emirates Steel Industries (ESI) once again kept its rebar prices stable for June output at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT. Today, May 21, Conares has announced unchanged rebar prices for June output at AED 1,880/mt ($512/mt) ex-works, excluding five percent VAT. Meanwhile, other producers have not announced their prices yet, preferring to monitor the latest developments in the global market. However, the weakness of demand and hotter weather temperatures are still exerting pressure on domestic rebar prices in the country. Domestic rebar prices of Emirates Steel Industries’ (ESI) are mostly at AED 1,950-1,990/mt ($523-529/mt) delivered to customer in the retail market, while there are also price offers observed at AED 2,007/mt ($547/mt) delivered to customer. Meanwhile, other mills’ sales are mostly concluded in the range of AED 1,925-1,930/mt ($525-526/mt) delivered to customer. On the other hand, rebar offers from Oman to the UAE are at $515-520/mt CFR, while it is noteworthy that buyers are limiting their purchases in line with their needs.
$1 = AED 3.67