Retail rebar prices in the UAE have continued their upward trend in March, supported by sustained demand in the domestic market and the ongoing price increases announced by major local producer Emsteel. Market participants estimate that overall rebar consumption in the country remains at around 550,000 mt per month, reflecting continued activity in infrastructure and construction projects. Meanwhile, the import segment has remained active alongside domestic supply, with material from Oman and Saudi Arabia continuing to enter the UAE market as buyers seek to secure volumes. At the same time, market sources are closely monitoring the tensions in the GCC region and the situation in the Strait of Hormuz, though market participants indicate that it is still too early to assess the potential impact on construction activity and steel demand. According to a UAE-based trader, while a slight slowdown in activity cannot be ruled out if the situation persists, around 90 percent of project sites were operating normally on the first working day of the week.
In the above context, retail rebar prices in the UAE have strengthened over the past month. Emsteel-origin material sold on 90-day LC terms is currently reported at AED 2,700-2,770/mt ($735-755/mt) ex-warehouse, compared to AED 2,675-2,700/mt ($728-735/mt) ex-warehouse previously.
Similarly, prices for non-Emsteel domestic material have also moved upward, now heard at AED 2,600-2,655/mt ($707-722/mt) ex-warehouse, up from AED 2,550-2,555/mt ($694-695/mt) ex-warehouse in the previous period.
At the same time, domestic producer Arabian Gulf Steel Industries (AGSI) has also raised its March rebar price in line with the general upward movement in the market and firm demand conditions. The company’s rebar price has increased to $680/mt (AED 2,500/mt) ex-works, up from $645/mt (AED 2,375/mt) ex-works previously. Meanwhile, Qatar Steel has also revised its price upward to $672/mt (AED 2,470/mt) ex-works, compared to $644/mt (AED 2,365/mt) ex-works in February.
In the import segment, offers have also increased over the past month, supported by improved trading activity and the ongoing upward price trend in Saudi Arabia, which continues to influence the regional market. According to market sources, Saudi suppliers, although not yet having announced their official March offers, concluded sales of around 20,000 mt to the UAE in February at AED 2,276-2,295/mt ($620-625/mt) CPT on 90-day LC terms. Meanwhile, Omani suppliers have also remained active in the UAE market over the past month, with offers heard at AED 2,500-2,510/mt ($680-683/mt) CPT on 90-day LC terms, up from AED 2,425-2,442/mt ($660-665/mt) CPT previously. However, market participants indicate that, while official offer levels remain relatively high, transactions can still be concluded at somewhat lower workable levels.
$1 = AED 3.67
$1 = OMR 0.3845