On November 22, the largest steel producer and the market leader in the United Arab Emirates (UAE), Emsteel, announced its rebar price for December production. As domestic demand remains supportive, the producer has decided to increase its offer prices once again.
As a result, Emsteel’s current rebar offers to the domestic market stand at $709/mt (AED 2,602/mt) ex-works, for December production, up from $695/mt (AED 2,552/mt) ex-works last month. Its offers have also increased for Abu Dhabi to $711/mt (AED 2,611/mt) CPT and to $713/mt (AED 2,618/mt) CPT for Dubai, Sharjah and Northern Emirates, for payment by 90-day letter of credit.
While the other domestic rebar producers in the UAE are expected to announce their prices soon, they traditionally issue them in line with Emsteel's levels.
$1 = AED 3.672