Emsteel, the biggest steel producer and market leader in UAE, has revealed its rebar prices for April output. According to the company's statement, rebar prices are stable for the third consecutive month due to the stability of the local market. However, according to market participants, while overall construction projects are progressing well, demand in the domestic market for this month has been slightly lower owing to Ramadan and impending vacations.
As a result, current offers for rebar produced by Emsteel to the domestic market have been voiced at $722/mt ex-works, for April production, which is the same as last month. Furthermore, offers have remained the same for Abu Dhabi at $724/mt (AED 2,658/mt) CPT and at $726/mt (AED 2,666/mt) CPT for Dubai, Sharjah and Northern Emirates, for 90-day LC payment.
Meanwhile, the other domestic rebar producers in the UAE are expected to announce their prices soon, they traditionally follow Emsteel’s levels.
$1 = AED 3.672