After local producer Emirates Steel Industries (ESI) in United Arab Emirates (UAE) announced that its domestic rebar prices for August output have increased as of July 15 to AED 1,953/mt ($532/mt) ex-works, excluding five percent VAT, market players expect new retail prices for ESI’s rebar to be clarified in the UAE market within a few days. Last week, the retail prices in question were at AED 1,870-1,930/mt ($510-526/mt) delivered to customer.
On the other hand, having been in the range of AED 1,850-1,900/mt ($504-518/mt) delivered to customer last week, other producers’ domestic rebar quotations are also expected to be revised upwards in the coming days. Market sources report that demand in the local UAE rebar market is better as compared to late June but is still sluggish due to the traditionally slower summer season, while they also indicate that the construction sector in Abu Dhabi is expected to recover to a certain degree in the fourth quarter of the year.
$1 = AED 3.67