The biggest steel producer and market leader in the United Arab Emirates (UAE), Emsteel, has announced its local rebar offers for January production. As expected, the company has raised its prices in response to the region's continually improving demand and ongoing construction projects, with new projects also upcoming. Furthermore, as consumption is constantly increasing, Emirati suppliers' earlier estimates for monthly rebar consumption in the UAE were approximately 300,000 mt, but this month the figure has been exceeded and so expectations are on the positive side, with further rises expected in the coming months.
“Demand is strong and is predicted to remain that way in the first quarter. At the moment, monthly consumption is around 380,000 mt per month,” a UAE-based trader said.
The supplier’s new price has been set for January production at $722/mt (AED 2,652/mt) ex-works, up AED 50/mt ($13/mt) compared to the price for December output. Similarly, the company's offers have also increased for Abu Dhabi to $724/mt (AED 2,658/mt) CPT and to $726/mt (AED 2,666/mt) CPT for Dubai, Sharjah and Northern Emirates for 90-day LC payment.
The other local rebar producers in the UAE are anticipated to disclose their pricing later, though they generally remain in line with Emsteel’s levels.