Rebar producers from Oman have managed to benefit from the rebar price hikes in the UAE announced for January production.
As a result, Omani mills managed to close deals at $500-505/mt (AED 1,835-1,855/mt) CPT to the UAE, up $32-33/mt (AED 115-120/mt) from the previous transaction prices. “Here in the UAE and Oman the demand is good and stable. The international scenario will not allow prices to fall,” one of the sellers told SteelOrbis. The estimated sales volume from Oman to the UAE is at least 20,000-25,000 mt of rebar. Some sources, however, say it may have been as high as 40,000 mt amid a shortage seen in the local Emirati market.
Local retail prices for rebar in the UAE are currently settled at $534/mt (AED 1,960/mt) ex-warehouse for Emirates Steel Industries-origin rebar and within $517-522/mt (AED 1,900-1,920/mt) ex-warehouse for rebar of other origins, including Omani rebar.
$1 = AED 3.673.
