UAE-based ESI decreases rebar price for August

On July 27, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Industries (ESI), has issued its rebar price for August production, decreasing it by $15/mt (AED 55/mt) compared to the official offers voiced in the previous month.

Accordingly, the company declared its rebar price for August production at $805/mt (AED 2,957/mt) ex-works, versus $820/mt (AED 3,012/mt) ex-works a month ago. With rebar trading still being dulled by the lackluster construction activity in the region, the Emirati producers have no other choice than to offer lower prices in order to obtain orders. Hence, other rebar suppliers in the Emirati market, including suppliers from Oman, are anticipated to follow a similar pattern in announcement of their offers in the coming days. Sources expect that consumption in August will not exceed 150,000 mt versus 170,000-180,000 mt “in the good times.”

$1 = AED 3.67