Unfavorable market circumstances in the region, coupled with the uncertain outlook for the global steel market in general have continued to leave no other option to Emirati rebar suppliers but to decrease their offers to secure orders.
Accordingly, the latest rebar offers from the local retailers in the UAE have been heard at AED 2,500/mt ($681/mt) ex-warehouse and AED 2,400-2,450/mt ($654-667/mt) ex-warehouse. Meanwhile, in late June, prices have been settled at $703-721/mt (AED 2,580-2,650/mt) ex-warehouse. “Prices went down but not like last month. Demand is expected to reach around 170,000 mt of rebar this month,” a major local trader stated.
According to market sources, in the latest rebar transactions the regional producers have accepted AED 2,370-2,400/mt ($645-654/mt) CPT, for LC payment.