Following ongoing stable price announcements for the past couple of months from major domestic supplier Emsteel, retail rebar prices across the UAE have continued to remain steady for August. According to market players, the stabilization observed in the last few months, including this month, reflects balanced market fundamentals and steady demand levels. While trading activity in the UAE remains relatively healthy, a slight market slowdown has been noted, largely attributed to the typical seasonal dip associated with the summer period. Nevertheless, rebar consumption has stayed firm, with July volumes estimated at around 380,000 to 390,000 metric tons, closely aligning with June’s figures.
Currently, offers for Emsteel-origin rebar on 90-day letter of credit (LC) terms are being quoted at AED 2,420-2,430/mt ($658-661/mt) CPT, identical to last month’s levels. Offers for non-Emsteel rebar also remain unchanged, ranging between AED 2,260-2,300/mt ($615-626/mt).
In alignment with market conditions, Arabian Gulf Steel has kept its August rebar offer stable at AED 2,280/mt ($620/mt), consistent with July.
Meanwhile, offers from Omani suppliers have decreased, with some trading activity recently observed from Oman to the UAE. However, according to sources, more purchases are expected in the coming weeks. Reports indicate that Omani suppliers sold 80,000 mt of rebar at AED 2,230/mt ($607/mt) CPT based on similar 90-day LC payment terms. This represents a decrease for August levels, down from AED 2,270-2,280/mt ($618-620/mt) CPT in the previous month.
$1 = AED 3.67
$1 = OMR 0.3845