The largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Industries (ESI), has announced its rebar price for October production, reducing its price due to poor domestic end-user demand and sluggish daily business activities.
Accordingly, the company's official 12-40 mm rebar for October production has decreased by $35/mt (AED 129/mt) compared to the previous month to $605/mt (AED 2,222/mt) ex-works. The other domestic rebar producers in the UAE are expected to announce their prices a little later, but traditionally in line with ESI levels. For now, only Arabian Gulf Steel Industries has announced the intention to offer the same price level as ESI.
$1 = AED 3.67