UAE rebar market starts to gain shape with ESI’s new prices

In this week's UAE steel market, local integrated steel producer Emirates Steel Industries (ESI) has announced that it has decreased rebar prices for March production by AED 40/mt ($11/mt) as compared to last month, to the level of AED 2,535/mt ($690/mt) ex-works. In late January, ESI had announced unchanged rebar prices for February production as compared to January production prices, at AED 2,575/mt ($701/mt) ex-works.
 
Thus, expectations for a downward price correction by ESI in the UAE market have been realized and local buyers have begun to shape their purchasing strategies in line with this price drop. In the meantime, Qatar-based steel producer Qatar Steel has also issued reduced rebar prices for the UAE market.
 
SteelOrbis has learned from market sources that previously booked Turkish rebar shipments will continue to arrive in the UAE until mid-March. Accordingly, it is thought that demand may remain limited due to increased inventories, and buyers may choose to meet only their urgent needs at reduced prices from ESI and Qatar Steel.
 
$1 = AED 3.673