In the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), the largest local steel producer and market leader, has announced reduced domestic rebar prices for June production even though the demand for the company’s products in the domestic market remains relatively stable.
According to local sources, the reason for the decline is that, though demand remains reasonable, the current higher stock levels and the start of the summer season and holidays are putting pressure on the market.
As a result, current offers for rebar produced by ESA in the domestic market have been voiced at $645/mt (AED 2,368/mt) ex-works for June production, whereas previous official levels were at $745/mt (AED 2,735/mt), delivered to Dubai.
Meanwhile, the other domestic rebar producers in the UAE are expected to announce their prices a little later, but in line with ESA’s levels, as usual.
$1 = AED 3.672