The UAE-based steel producers, Emirates Steel Industries (ESI) and Conares Metal Supply, and Qatar-based steel mill Qatar Steel have announced sharp declines in their domestic rebar offers for November production. Accordingly, ESI's local rebar offers have decreased by AED 128/mt ($35/mt) as compared to last month to AED 2,187/mt ($596/mt) ex-works, while Conares has issued its domestic prices for 8-32 mm rebar, reducing its prices by AED 125/mt ($34/mt) over the same period to AED 2,175-2,235/mt ($593-609/mt) ex-works.
Qatar Steel, on the other hand, has decreased its rebar prices by QAR 140/mt ($38/mt) to QAR 2,160/mt ($593/mt) ex-works for November output.
Following the decrease in offer prices by the producers in the UAE and Qatar, ex-CIS and ex-Turkey rebar offers to the region are expected to face downward pressure.
$1 = AED 3.67
$1 = QAR 3.64