Local producer Emirates Steel Industries (ESI) in the United Arab Emirates (UAE) has kept its domestic rebar prices for July output at AED 1,881/mt ($513/mt) ex-works, excluding five percent VAT. Meanwhile, retail prices of ESI’s rebar in the UAE market have increased by AED 15/mt on average week on week to AED 1,870-1,930/mt ($510-526/mt) delivered to customer.
On the other hand, other producers’ domestic rebar quotations have moved up by AED 35/mt week on week to AED 1,850-1,900/mt ($504-518/mt) delivered to customer.
SteelOrbis has been informed that some UAE-based traders are giving less importance to profit margins as they want to focus on sales in order to reduce their high inventories. SteelOrbis has been informed that UAE-based traders came together to discuss what can be done to increase domestic rebar prices. After their meeting, it is observed that traders have tried to increase domestic rebar quotations. Meanwhile, buyers in the local UAE rebar market have continued to exert pressure on prices by adopting a wait-and-see stance amid the higher quotations, market sources report.
$1 = AED 3.67