Local producer Emirates Steel Industries (ESI) in the United Arab Emirates (UAE) officially announced its domestic rebar prices for July output yesterday, June 24, decreasing its prices by AED 126/mt to AED 1,881/mt ($513/mt) ex-works, excluding five percent VAT. Meanwhile, retail prices of ESI’s rebar in the UAE market have decreased by AED 35/mt on average week on week to AED 1,890-1,910/mt ($515-520/mt) delivered to customer. Meanwhile, some UAE-based suppliers are making offers for rebar produced by ESIat AED 1,865/mt ($508/mt) delivered to customer.
On the other hand, other producers’ domestic rebar quotations have remained unchanged week on week at AED 1,830-1,850/mt ($499-504/mt) delivered to customer.
Demand in the local UAE rebar, which was already slack, has slackened further since the UAE government has prohibited laborers, construction workers and out-of-office workers from working around midday due to hot weather conditions, effective as of Saturday, June 15. Meanwhile, some UAE-based stockists have pulled out of the market, while it is heard that some of them have concluded sales at a loss due to their expectation that prices may decrease further in the coming period.
ESI’s announcement of its prices for July output is expected to share the trend of prices in the UAE rebar market in the coming period.
$1 = AED 3.67