Following the announced domestic rebar prices in the UAE for July production, Omani mills have also started to voice indications for the same market. As expected, the Omani sellers have increased their prices in line with the general trend.
According to sources, rebar offers ex-Oman to the UAE have been set at $459-464/mt (AED 1,685-1,700/mt) CPT for now, up $26-27/mt (AED 95-100/mt) over the past month. The product is available for 90-day payment. No deals have been reported just yet as the sides are said to be negotiating. Moreover, local sources in the UAE market report that demand is recovering rather slowly and that the announced higher local levels have not yet been found acceptable by buyers. “Everyone is cautious about making a move as the demand will take time to recover. For now, buyers are not yet ready to accept the full increase,” a source told SteelOrbis.
Last week, local rebar giant Emirates Steel Industries increased its offers for July by $23/mt (AED 83.5/mt) from last month to $483/mt (AED 1,773/mt) ex-works, as reported earlier. Domestic retail prices for rebar, according to some traders, have increased in the UAE by $19/mt (AED 70/mt) since early last week to $475-496/mt (AED 1,745-1,820/mt) for rebar of local origin and to $469/mt (AED 1,720/mt) for Omani rebar, both on ex-warehouse basis.
$1 = AED 3.67