The UAE’s leading rebar producer Emirates Steel Industries (ESI) has announced its domestic offers for April production. The company has dropped its price by $57/mt (AED 207.5/mt) compared to one month ago to $460/mt (AED 1,689.5/mt) ex-works, taking into account the unfavorable market situation both locally and globally, SteelOrbis has learned.
Domestic rebar consumption has slowed down across the GCC region due to the spread of the Covid-19 virus. “They [ESI] dropped almost $60/mt from the latest official price even though nowadays Oman is not able to supply to the UAE,” a trader said. According to sources, the border with Oman remains closed as a preventive measure. It is worth mentioning that some insiders consider the price cut by ESI not to be so dramatic, taking into account that the latest sales level in the market has been at around $480-482/mt (AED 1,760-1,770/mt) ex-works.
$1 = AED 3.67