On August 21, the UAE’s leading steel producer and market leader, Emsteel, announced its rebar prices for September production. According to the company, as demand has improved, it has decided to raise its offers for the month. Reports indicate that domestic rebar consumption is expected to reach 400,000 metric tons, compared with the previous levels of 380,000-390,000 mt. However, market participants caution that, after a long period of price stability, a significant increase may pose risks for business activities.
Accordingly, Emsteel has announced rebar offers for September production in the domestic market at $705/mt (AED 2,590/mt) ex-works, an increase from $675/mt (AED 2,480/mt) in the previous month.
Similarly, rebar offers have been quoted at $706/mt (AED 2,592/mt) CPT for Abu Dhabi, and $708/mt (AED 2,600/mt) CPT for Dubai, Sharjah, and the Northern Emirates, with payment terms set at 90-day LCs.
Meanwhile, other local rebar producers in the UAE have not yet announced their updated prices, but they are expected to adjust in line with Emsteel’s revised levels.
$1 = AED 3.672