Amid increasing downward pressure on domestic rebar prices in the local United Arab Emirates (UAE) rebar market due to the prevailing weakness of demand, buyers in the UAE had been expecting local producer Emirates Steel Industries (ESI) to reduce its domestic rebar prices for June output. However, surprisingly, ESI has once again kept its rebar prices stable for June output at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT. Following ESI’s announcement of its new rebar prices, participants in the market are now wondering what price policies the other local producers will decide on.
$1 = AED 3.67