In the United Arab Emirates (UAE), Emsteel, the largest local steel producer and market leader, has announced its domestic rebar prices for March production. According to the firm's notice, prices have been maintained unchanged for another month due to the ongoing stability of trade and demand. However, given the approach of Ramadan, industry participants anticipate that demand may experience some slowdown.
As a result, Emsteel's current offers for rebar for March production have remained stable month on month at $722/mt ex-works (AED 2,651/mt). Likewise, offers have remained the same for Abu Dhabi at $724/mt (AED 2,658/mt) CPT and at $726/mt (AED 2,666/mt) CPT for Dubai, Sharjah and Northern Emirates, for 90-day LC payment.
On the other hand, the other domestic rebar producers in the UAE are expected to announce their prices a little later, but traditionally they do so in line with Emsteel’s levels.
$1 = AED 3.672