On June 25, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Industries (ESI), has declared its rebar price for July production, cutting its price as expected. Given the deteriorating market conditions and the bigger decreases seen in the global steel market, the Emirati rebar producers have had no other choice but to cut offers in order to attract customers.
Accordingly, following the revision, the company's 12-40 mm rebar for July production is officially available at $685/mt (AED 2,516/mt) ex-works, down $65/mt (AED 239/mt) from the previous levels. The other local rebar producers are expected to follow the same pattern and to voice their new offers in the coming days.
Meanwhile, local retailers have traded rebar at $703-721/mt (AED 2,580-2,650/mt) ex-warehouse, with the highest end of the range valid for ESI-origin material. In some cases, within the scope of sales to big projects, traders are said to have accepted $680/mt (AED 2,500/mt) ex-warehouse levels.
$1 = AED 3.673