In the UAE, rebar prices have continued to rise due to improving demand and continuing construction projects, as well as higher offers from the market leader Emsteel. According to Emirati suppliers' estimations, monthly rebar consumption in the UAE stands at around 300,000 mt.
“Demand is very good and consumption per month is estimated at 300,000 mt,” a UAE-based rebar supplier told SteelOrbis.
As previously reported by SteelOrbis, official offers for rebar produced by the local manufacturer Emsteel for December production were increased to $709/mt (AED 2,602/mt) ex-works. Likewise, Arabian Gulf Steel followed the same price trend and increased offers by $13/mt (AED 50/mt) to $623/mt (AED 2,290/mt) CPT.
Furthermore, according to market sources, retailers' current feasible levels in the UAE for Emsteel origin material are at AED 2,450/mt ($667/mt) CPT, and for non-Emsteel materials are at AED 2,350/mt ($640/mt) for 90-day LC payment, up from AED 2,300-2,425/mt ($626-660/mt).
Meanwhile, offers from Oman have also increased compared to the previous offers. The most recent ex-Oman rebar offers to the UAE have been given at AED 2,275-2,300/mt ($619-626/mt) CPT for 90-day letters of credit, up from AED 2,270-2,290/mt ($618-623/mt) CPT in the previous month.
$1 = AED 3.67
$1 = OMR 0.3845