Costlier raw materials have given a further boost to the UAE-based Emirates Steel Industries (ESI), the flagship in the UAE’s longs market, to increase the rebar price. However, this uptrend still lacks demand support.
Accordingly, ESI has announced its rebar price for October production at $527/mt (AED 1,936/mt) ex-works, increasing it by $29/mt (AED 106/mt) compared to the previous round. “The increase was based on the current raw materials prices”, the official commented. “Demand is still diminishing, with bookings signed at much lower initially announced rates”, the Emirati trader told.
Other rebar suppliers in the Emirati market, including suppliers from Oman, are traditionally anticipated to follow the same policy.