On August 22, Emirates Steel Arkan (ESA), the largest steel manufacturer and market leader in the United Arab Emirates (UAE), released its rebar pricing for September production. According to the company’s statement, it has chosen to keep prices stable for the fourth consecutive time considering demand and trade activity have remained stable. Meanwhile, as the summer holiday season comes to a close, market participants predict that prices will trend up.
“Currently, business activities have remained unchanged but we expect they could increase after the summer break,” a UAE-based trader told SteelOrbis.
ESA’s domestic market rebar offers for September production have remained constant at $665/mt ex-works, the same as for August output. Similarly, rebar offers at $667/mt (AED 2,450/mt) CPT Abu Dhabi and $669/mt (AED 2,458/mt) CPT Dubai, Sharjah and the Northern Emirates with 90-day LC payment have been kept unchanged.
On the other hand, although other local rebar producers in the UAE are anticipated to announce their pricing shortly, they typically do so in accordance with ESA’s price levels.
$1 = AED 3.672