Local UAE rebar market moves up

Tuesday, 23 July 2019 18:01:59 (GMT+3)   |   Istanbul

After UAE-based steel producer Emirates Steel Industries (ESI) announced an increase in its domestic rebar prices for August output as of July 15 to AED 1,953/mt ($532/mt) ex-works, excluding five percent VAT, new retail prices for ESI’s rebar in the UAE market have increased to AED 2,000/mt ($545/mt) delivered to customer, according to ESI. Despite the rise recorded in retail prices, buyers continue to exert pressure on traders’ offers.

On the other hand, other UAE-based producers domestic rebar prices have moved up by AED 60/mt week on week to AED 1,900-1,970/mt ($518-537/mt) delivered to customer. Additionally, market sources believe that offers higher than the level of AED 1,900/mt ($518/mt) delivered to customer for non-ESI products are unlikely to gain acceptance from buyers.

It is observed that UAE-based rebar producers have been focusing on Far Eastern markets in the current week. Accordingly, they have given offers to Hong Kong in competition with Indian rebar offers to this destination.

$1 = AED 3.67

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