Local traders in the UAE have increased their rebar offer prices recently, despite the absence of any substantial changes in the construction and infrastructure sectors and subsequently, with no support from the demand side. The main reason is the ongoing uptrend in the global market of raw materials and steel and, in particular, higher prices for domestic rebar.
Accordingly, as a result of the recent revision, rebar from local retailers is available at $550-567/mt (AED2,020-2,080/mt) ex-warehouse, with the higher end of the range valid for ESI-origin rebar. The current prices are at least $43/mt (AED160/mt) higher compared to the previous offers. “It is hard to say that the price increase is targeted adequately, as most deals are hardly signed at AED 2,000/mt ex-warehouse,” one of the major traders commented. “Everyone is looking forward to the ESI’s price announcement to give confidence and establish a new price level,” another trader said.
As SteelOrbis reported earlier, rebar produced by Emirates Steel Industries for December production has been officially available at $540/mt (AED 1,984/mt) ex-works.