Emirates Steel Arkan (ESA), the UAE's largest steel manufacturer and market leader, has published domestic rebar prices for July production.
According to the company's release, due to the stabilization of the local market, the producer has chosen to keep rebar offers for July production stable month on month at $645/mt (AED 2,368/mt) ex-works. Comparably, offers at $647/mt (AED 2,376/mt) CPT Abu Dhabi and $649/mt (AED 2,383/mt) CPT Dubai, Sharjah and the Northern Emirates with 90-day LC payment are also unchanged.
Furthermore, although retail prices have yet to be settled, according to market sources, retailers' previous workable levels in the UAE for ESA origin materials were at AED 2,330/mt ($634/mt) CPT and for non-ESA materials were at AED 2,250/mt ($612/mt), for 90-day LC payments.
Similarly, the other domestic rebar producers in the UAE are expected to announce their prices a little later, but they traditionally do so in line with ESA’s price levels. In the meantime, the most recent ex-Oman rebar offers to the UAE have been given at $588/mt (AED 2,160/mt) CPT for 90-day LC payment.
$1 = AED 3.672