On April 18, Emsteel, the largest steel manufacturer and market leader in the United Arab Emirates (UAE), released its rebar prices for May production at stable levels as demand has remained steady recently. Meanwhile, according to market insiders, demand is progressively increasing and so trade is expected to improve in May.
“Demand in April has been consistent but slow, while demand in May is likely to rise, with consumption levels expected to be about 370,000 mt compared to 350,000 mt in April,” a UAE-based trader told SteelOrbis
As a result, Emsteel announced rebar offers for May production in the domestic market at $675/mt (AED 2,480/mt) ex-works, which appears to be lower than the previous week's offer of $722/mt ex-works. However, according to sources, this is because Emsteel appears to have reduced incentives for regular customers, so the actual workable levels have simply remained the same. Meanwhile, rebar offers for Abu Dhabi have been quoted at $676/mt (AED 2,485/mt) CPT, and for Dubai, Sharjah, and the Northern Emirates at $678/mt (AED 2,492/mt) CPT, with 90-day LC payment.
On the other hand, while other local rebar producers in the UAE are anticipated to announce their pricing shortly, they typically do so in accordance with Emsteel's price levels.
$1 = AED 3.672