Following the United Arab Emirates (UAE)-based steel producer Emirates Steel Industries’ (ESI) revision of its domestic rebar offers to AED 2,007/mt ($547/mt) + VAT ex-works last week, UAE-based producers have also increased their domestic rebar prices in the current week.
Market sources state that, following ESI’s price increase against the backdrop of the rises seen in scrap quotations last month and the ongoing current sideways movements of scrap prices, UAE-based steel traders have started to raise their domestic rebar prices gradually, increasing them by an average of AED 50/mt week on week to AED 1,900-2,000/mt (518-545/mt) delivered to customer. SteelOrbis has been informed that demand in the local UAE rebar market is expected to remain lively for a certain period due to the higher prices, though it is expected to slacken later.
$1 = AED 3.67