Emirates Steel Arkan (ESA), the UAE's largest steel producer and market leader, has announced its rebar pricing for October production. Due to the improvement in demand, the producer has chosen to raise its prices. According to industry participants, rebar consumption in the UAE this month will be approximately 210,000 mt, and, with the arrival of autumn and the start of construction works, an optimistic outlook for the coming months may be anticipated.
The supplier's new rebar price has increased by $20/mt for October production, reaching $685/mt (AED 2,515/mt) ex-work. Similarly, rebar offers have been increased to $687/mt (AED 2,523/mt) CPT Abu Dhabi and $689/mt (AED 2,531/mt) CPT Dubai, Sharjah and the Northern Emirates, with 90-day LC payment.
Meanwhile, other local producers have not yet released their prices, though they are expected to follow the same trend in the coming days.
$1 = AED 3.67