Emirates Steel Industries (ESI), a key rebar producer in the United Arab Emirates (UAE), has announced its domestic price for rebar today, February 24.
The producer has chosen to decrease its offers by $15/mt (AED 56/mt) compared to last month to $517/mt (AED 1,897/mt) ex-works, SteelOrbis has learned. According to sources, the reduction by the producer has been an expected move, taking into account the somewhat squeezed demand and rather high stocks in the market. Moreover, some players had been expecting a minimum decrease of $20-25/mt compared to last month.
Other rebar suppliers to the UAE market, including Omani mills, are expected to follow ESI’s move. For now Union Iron & Steel has set its offer at $516/mt (AED 1,895/mt) ex-works.
$1 = AED 3.67
