UAE-based ESI announces significant cut in rebar prices

UAE-based steel mill ESI has issued its domestic offers for July production rebar, announcing a sharp decline as compared to last month's price levels. Accordingly, ESI's new rebar offers are standing at AED 2,425/mt ($660/mt) ex-works, down AED 100/mt ($27/mt) from last month. ESI had been expected to announce its new rebar offers early this month, but waited until its orders for June shipment were completed.
 
As for imports, local buyers, who had been waiting for ESI to announce its domestic rebar prices first in order to starts concluding deals in the import market, are now likely to look for lower prices from overseas suppliers. Meanwhile, the latest rebar deals from Turkey to Dubai have been concluded at the level of $620/mt CFR, on theoretical weight basis.
 
$1 = AED 3.673