Domestic and regional rebar suppliers to the United Arab Emirates (UAE) have as expected adjusted their prices upwards, following last week’s adjustment by local producer Emirates Steel Industries (ESI). According to market sources, other local producers are currently offering rebar at $472-476/mt (AED 1,735-1,750/mt) ex-works/CPT depending on the seller. In the previous month, sales prices were at as low as $430-438/mt (AED 1,580-1,610/mt) ex-works, a SteelOrbis reported earlier.
Rebar offers from Oman to the UAE have been reported at the levels from $471/mt (AED 1,730/mt) CPT to $476/mt (AED 1,750/mt) CPT, for 90-day payment. As a result, the levels have increased by $35/mt (AED 130/mt) over the past month. However, according to the sources, the sellers need to knock of at least another $3-5/mt (AED 10-20/mt) in order for prices to become workable. Domestic rebar prices in Oman have been reported at $462-469/mt (OMR 180-182/mt) ex-works.
The retail prices for the ESI-origin rebar have been set for now at $504-506/mt (AED 1,850-1,860/mt), with retail prices for rebar of other origins at $490-493/mt (AED 1,800-1,810/mt), both on ex-warehouse basis.
$1 = AED 3.673
$1 = OMR 0.39