Given the uncertainty in the global steel and raw material markets as regards future developments, UAE-based Emirates Steel Industries (ESI), the leader in the UAE rebar market, has resisted announcing a decline in its rebar prices for January production. However, the business environment in the longs segment in the UAE has remained quite unfavorable.
Accordingly, ESI has voiced its rebar price for January production at $678/mt (AED 2,490/mt) ex-works, unchanged month on month. “Taking into account the still unclear situation, it was quite expected that they would roll over the price,” the GCC-based rebar producer stated. According to sources, up to AED 80/mt discounts are possible to get while booking big volumes. Union Iron & Steel has, in its turn, has likewise maintained its rebar price at the level of the previous month, i.e., at $678/mt (AED 2,490/mt) ex-works.
Following the announcement of rebar prices by ESI, local retailers in the UAE have taken their time to evaluate their next step. The prices in the latest bookings have come to AED 2,450/mt ex-warehouse, even for rebar produced by ESI.