Emsteel, the UAE's largest steel maker and market leader, has announced rebar prices for June production. Due to robust domestic trade, the producer has decided to maintain the same offer prices in as the previous month. According to industry participants, rebar consumption in the UAE will be about 390,000 mt this month, and, while the coming holiday may cause the market to become quieter, market players are optimistic about the coming month due to steadily improving demand.
Accordingly, Emsteel's domestic market offer for rebar for June production is unchanged at $675/mt (AED 2,480/mt) ex-works. Similarly, rebar offers have remained stable at $676/mt (AED 2,485/mt) CPT Abu Dhabi and $678/mt (AED 2,492/mt) CPT Dubai, Sharjah and the Northern Emirates, with 90-day LC payment.
Meanwhile, the other domestic rebar producers in the UAE are expected to announce their prices a little later, but they traditionally follow Emsteel's price levels.
$1 = AED 3.672