On October 23, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), announced its rebar price for November production. The company has decided to keep its prices stable since domestic demand has remained stable at satisfactory levels.
Accordingly, ESA's domestic market offer for rebar for November production is unchanged at $685/mt (AED 2,515/mt) ex-work. Similarly, rebar offers have remained stable at $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.
While, the other domestic rebar producers in the UAE are expected to announce their prices a little later, while they traditionally follow ESA’s price levels.
In the meantime, the most recent ex-Oman rebar offers to the UAE have been given at $620/mt (AED 2,280/mt) CPT for 90-day LC, up from $608-610/mt (AED 2,235-2,240/mt) CPT in the previous month.
$1 = AED 3.67