On June 20, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), announced its rebar price for July production. The company has decided to roll over its offer since domestic demand has maintained at satisfactory levels.
"Demand is reasonable, with a projected rebar consumption of around 170,000-200,000 mt, but the holiday is approaching and so business activity will slow," a UAE-based trader told SteelOrbis.
Accordingly, ESA's domestic market offer for rebar for July production has stayed unchanged at $667/mt (AED 2,450/mt) CPT Abu Dhabi and $669/mt (AED 2,458/mt) CPT for Dubai, Sharjah and Northern Emirates, for 90-day LC payment. Meanwhile, another local rebar producer, Arabian Gulf Steel Industries, has announced its rebar price in line with the price disclosed by ESA.
$1 = AED 3.672