Emsteel, the largest steel producer and market leader in the UAE, has announced its local rebar offers for November production, raising its prices as expected in response to the region's gradually increasing demand. Market participants predict that this month's consumption in the UAE will reach 280,000-300,000 mt of rebar, with a further moderate increase in November.
The supplier’s new price has been set at 12-32mm for November production at $695/mt (AED 2,552/mt) ex-works, at $697/mt (AED 2,560/mt) CPT Abu Dhabi, and at $699/mt (AED 2,568/mt) CPT Dubai, Sharjah and the Northern Emirates for 90-day LC payment. As a result, the new price is higher by AED 110/mt ($30/mt) compared to the price for October output.
Meanwhile, other local rebar producers and traders in the UAE market are expected to reveal their prices in the coming days, but they are expected to be in line with Emsteel's prices. According to sources, rebar offers in the local market given by traders earlier in October were starting from $634/mt (AED 2,330/mt) ex-warehouse for Emsteel material and at $603-610/mt (AED 2,215-2,240/mt) ex-warehouse for material produced by other regional suppliers.
Additionally, Omani suppliers have offered rebar to the UAE at AED 2,270-2,290/mt ($618-623/mt) CPT, with payment by 90-day letters of credit.
$1 = AED 3.672
$1 = OMR 0.39