The aggressive price policy adopted by the key United Arab Emirates (UAE)-based rebar producer has put pressure on the rebar prices of other suppliers to the local UAE market.
Omani mills have been forced to provide significant discounts. Compared to October production sales, their November material sales prices have decreased by $27/mt (AED 100/mt). As a result, the integrated Omani supplier has been selling at $436/mt (AED 1,600/mt) CPT for big buyers and at $440-441/mt (AED 1,615-1,620/mt) CPT for smaller ones, all for 90-day payment. According to the sources, around 25,000-28,000 mt have been recently sold.
It is worth mentioning that some market players report $5-8/mt (AED 20-30/mt) lower sales prices from Oman. In the meantime, domestically the latest deals have been closed in the UAE at $430-436/mt (AED 1,580-1,600/mt) CPT for 90-day payment.
$1 = AED 3.673