Although bearish sentiments have been prevailing in the global steel market, UAE-based Emirates Steel Industries (ESI), the leader in the UAE rebar market, has decided not to make any changes to its domestic rebar price for December production. Union Iron & Steel has made the same decision.
Lower availability of material may support the positions of local suppliers, sources believe. “Local inventories are noticeably smaller now. Having enjoyed orders to export destinations like Southeast Asia, some mills have reduced their supply,” a UAE-based seller stated.
Accordingly, ESI has voiced its rebar price for December production at $678/mt (AED 2,490/mt) ex-works, unchanged month on month. “The announced price is fair. When compared to other countries, the UAE’s rebar is still the lowest,” a regional trader commented. While Union Iron & Steel has as usual announced its rebar price at the same level as ESI, i.e., at $678/mt (AED 2,490/mt) ex-works, Hamriya has taken its time to voice new offers.