Domestic rebar prices of producers based in the United Arab Emirates (UAE) have maintained their sideways trend over the past week. It is observed that Emirates Steel Industries (ESI) has kept its rebar prices stable for March output as compared to February. Its current price at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT, will be applied for the next 20 days.
Market sources state that steel purchases for Expo 2020 have been completed, and so demand has lost strength, but is still currently at decent levels. Meanwhile, UAE-based traders’ domestic rebar prices have remained stable week on week at AED 1,950-2,050/mt ($531-559/mt) delivered to customer. Additionally, traders’ inventories are reported to be at high levels.
$1 = AED 3.67