Emirates Steel Arkan (ESA), the UAE's largest steel manufacturer and market leader, has stated that its domestic rebar offers for August have been kept stable, amid robust levels of demand and trade, at $645/mt (AED 2,368/mt) ex-works for August output, with its rebar offers stable also 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.
Meanwhile, in the local market UAE-based retailers have quoted rebar prices starting from $618/mt (AED 2,270/mt) ex-warehouse for ESI material and $604/mt (AED 2,220/mt) ex-warehouse for rebar produced by other regional suppliers.
“The retail sector has improved somewhat due to strong demand and a rise in September pricing is anticipated from ESA. But the majority of market participants will keep their current offers stable,” a UAE-based retailer told SteelOrbis
Industry insiders also estimate that this month's rebar consumption in the UAE is around 220,000 mt.
Other local rebar producers in the UAE are anticipated to announce their prices soon, while they typically adjust their prices in line with ESA's prices.
In addition, according to Omani suppliers, demand is generally stable, but is somewhat lower this month due to the summer season, while rebar offers to the UAE are now being submitted at AED 2,150-2,160/mt ($585-588/mt) CPT with payment by 90-day letters of credit.
$1 = AED 3.672
$1 = OMR 0.39