On July 20, the largest steel producer and the market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), announced its rebar price for August production. As domestic demand has remained at satisfactory levels, the producer has chosen to roll over its offers again.
"Demand is at normal levels and the market is stable and there is no oversupply, so stock levels are good to keep prices same, " a UAE-based trader told SteelOrbis.
As a result, the current offers for rebar produced by ESA to the domestic market have been voiced at $665/mt ex-works, for August production, which is the same as last month. Further to details, offers have stayed the same for Abu Dhabi at $667/mt (AED 2,450/mt) CPT and at $669/mt (AED 2,458/mt) CPT for Dubai, Sharjah and Northern Emirates, for 90-day LC payment.
While the other domestic rebar producers in the UAE are expected to announce their prices soon, they traditionally issue them in line with ESA’s levels.