On July 25, the largest steel producer and market leader in the United Arab Emirates (UAE), Emirates Steel Industries (ESI), announced its rebar price for August production. Amid ongoing uncertainty towards future developments, the company has decided to roll over its prices.
Accordingly, the company's 12-40 mm rebar for August production has remained at $685/mt (AED 2,516/mt) ex-works, down $65/mt (AED 239/mt) from the previous levels. The other local rebar producers are expected to follow the trend when they issue new offers in the coming days.
As SteelORbis reported earlier, in the latest rebar transactions the regional producers have accepted AED 2,370-2,400/mt ($645-654/mt) CPT, for LC payment.
$1 = AED 3.673