Following the sizeable decrease of local rebar prices in the United Arab Emirates (UAE), Omani mills have dropped their offers for the market as well.
According to the sources, the initial prices from Oman were voiced at $463-468/mt (AED 1,700-1,720/mt) CPT for 90-day payment, down $27/mt (AED 100/mt) over the past month. An integrated steel producer has already managed to sell 20,000 mt at the lower end of the range, sources report. However, buyers report that $452-457/mt (AED 1,660-1,680/mt) CPT is available from smaller suppliers. Negotiations are currently underway. In the meantime, domestic rebar prices in Oman are at around $440-450/mt (OMR 170-175/mt) ex-works, SteelOrbis has learned.
Although rebar prices in the UAE have gone down quite significantly over the past month, some producers report that demand has improved somewhat, which might result in better sales volumes. In the retail market, the prices for Emirates Steel Industries’ (ESI) rebar are at around $496/mt (AED 1,820/mt) ex-warehouse and at $476-479/mt (AED 1,750-1,760/mt) ex-warehouse for the Omani origin.
$1 = AED 3.673
$1 = OMR 0.39