Poor demand has continued to put pressure on rebar prices in the United Arab Emirates (UAE), forcing local suppliers to aggressively compete for the buyer. In particular, on August 24 the largest steel producer and market leader in the UAE, Emirates Steel Industries (ESI), has declared its rebar price for September production, cutting it by $75/mt (AED 273/mt) compared to the latest official offers voiced in the previous month.
Accordingly, the company issued its rebar price for September production at $710/mt (AED 2,610/mt) ex-works, versus $785/mt (AED 2,883/mt) ex-works a month ago. Meanwhile, another local producer of rebar Conares has announced its price at $700.6/mt (AED 2,573/mt) ex-works. Other rebar suppliers in the Emirati market, including suppliers from Oman, have not announced new prices officially yet, however they are anticipated to follow a similar pattern in the coming days. According to market sources, the tradable level for local rebar would be hardly higher $687-689/mt (AED 2,525-2,530/mt) ex-works.
$1 = AED 3.67