Following initial plans for a revision of its rebar prices for bookings of February production, UAE-based steelmaker Emirates Steel Industries (ESI) has announced unchanged rebar prices for the rest of the month.
Accordingly, officially the company’s rebar price is still available at $715/mt (AED 2,625/mt) ex-works, unchanged compared to the price announced on January 13. Meanwhile, SteelOrbis sources report that during recent negotiations buyers were able to get discounts of AED 85-125/mt. Overall, the sentiments in the Emirati longs market remain gloomy, with the main pressure coming from insufficient demand from end-users domestically and from recent emergence of signs of a downtrend in the global scrap market.
$1 = AED 3.673