After maintaining stable offers for many months, the UAE’s leading domestic supplier, Emsteel, announced an increase in rebar prices for September. This move has influenced the wider retail market, with many Emirati rebar retailers following the same upward trend compared to the previous month. According to market participants, demand has also improved, with consumption levels recording a strong increase compared to the previous months. Market reports estimate August consumption at around 400,000 mt, higher than July’s level of 380,000-390,000 mt. While business activity is gradually picking up and construction projects are expected to progress more rapidly with the approach of the cooler weather, some market players consider that price increases might pose a risk to sales after a long period of stability.
As a result, for Emsteel-origin goods with 90-day letters of credit, retailers’ current workable price levels in the UAE have increased month on month from AED 2,420-2,430/mt ($658-661/mt) CPT to AED 2,520-2,560/mt ($686-697/mt) CPT.
Similarly, offers for non-Emsteel materials have also risen compared to last month, now standing at AED 2,420-2,460/mt ($658-669/mt), up from AED 2,260-2,300/mt ($615-626/mt).
On the other hand, Omani suppliers, who had previously sold some lots last month at lower levels around AED 2,230/mt ($607/mt) CPT, have also raised their quotations. Their September rebar offers to the UAE are now being submitted at AED 2,350/mt ($640/mt) CPT for 90-day letters of credit.
$1 = AED 3.67
$1 = OMR 0.3845