On January 12, UAE-based rebar producer Hamriyah Steel announced its rebar price for February production, increasing it by $122/mt (AED450/mt) compared to the previous round of sales. All other regional rebar suppliers, including the key UAE-based mill Emirates Steel Industries (ESI), are expected to announce their offers in the coming days.
Accordingly, Hamriyah Steel’s rebar is currently available at $749/mt (AED2,750/mt) CPT, LC payment, compared to $627/mt (AED2,300/mt) a month ago. While local mills point to a continued uptrend in the global steel market and, consequently, higher prices for raw materials, traders remain sceptical regarding whether the Emirati market will be able to accept the new offers. “Mills are aiming to increase, but the outcome remains in question. Demand is the same here. No changes,” a UAE-based trader commented. “It’s
According to sources, lately rebar from local retailers has been available at $653-668/mt (AED 2,400-2,450/mt) ex-warehouse, with the higher end of the range valid for ESI-origin rebar.