Steel mills in the United Arab Emirates (UAE) have continued to gradually raise their domestic rebar prices in the current week.
Emirates Steel Industries (ESI) has revised its domestic rebar offers for February output to AED 2,007/mt ($547/mt) + VAT ex-works over the past week.
Meanwhile, the rises in ESI’s prices have increased UAE-based traders’ costs. As a result, despite the falling trend observed in the global rebar market, UAE-based traders have increased their domestic rebar offers by an average AED 50/mt week on week to AED 1,950-2,000/mt ($531-545/mt) delivered to customer. While market sources report that demand in the local UAE rebar market is at decent levels, sales of a total of approximately 270,000 mt of rebar have been concluded during February.
On the other hand, the effect of the falling trend of global scrap and billet prices is expected to be reflected in ESI’s March prices.
$1 = AED 3.67