United Arab Emirates (UAE)-based steelmaker Emirates Steel Industries (ESI) announced its new rebar prices yesterday, December 18. Accordingly, ESI has increased its rebar prices by AED 234/mt ($64/mt) to AED 2,250/mt ($613/mt) ex-works, as compared to its previous price levels announced in November.
The upward movement of domestic rebar prices in the UAE which started last week under the influence of the rises seen in the global steel market has gained momentum following ESI’s announcement. Domestic rebar prices in the UAE have increased by AED 200/mt week on week to AED 2,300-2,350/mt ($627-640/mt) delivered to customer. For now, domestic rebar deals heard in the UAE are mostly concluded at the lower end of this price range at AED 2,300/mt, but market sources state that it is believed higher offers at AED 2,350/mt will gain acceptance in the coming days. Additionally, demand in the local UAE rebar market is still at good levels, while trading activity has improved somewhat due to the expectations of a further increase in prices.
$1 = AED 3.67