UAE-based Emirates Steel Industries (ESI), the market leader in the rebar segment in the United Arab Emirates, has recently announced its official price for November production. The company has decided to keep its rebar prices unchanged at $473/mt (AED 1,737/mt) ex-works, while other manufacturers in the country are expected to follow the same policy and to set their offers at around $472/mt (AED 1,732-1,735/mt) ex-works.
In the meantime, the latest workable rebar prices in the country, according to market sources, have been in the range of $452-457/mt (AED 1,660-1,680/mt) CPT with 90-day payment. Oman is also expected to announce its rebar offers for the Emirati market shortly. In the previous round, deals were reported as fixed at $447-457/mt (AED 1,640-1,680/mt) CPT for 90-day payment.
Domestic rebar consumption figures have somewhat improved in the UAE in October, resulting in higher business activity. Sources estimate demand at around 160,000-180,000 mt in October, versus 130,000-150,000 mt in the previous month.
$1 = AED 3.67