On March 20, Emirates Steel Arkan (ESA), the largest steel manufacturer and market leader in the United Arab Emirates (UAE), released its rebar pricing for April production. According to the company's statement, rebar offers for March have been kept stable for April since domestic demand and trade have remained unchanged.
"Demand is acceptable, with anticipated rebar consumption of 260,000-270,000 mt, though Ramadan has begun and a holiday is coming up, so business activity will slow down," a UAE-based trader told SteelOrbis.
As a result, ESA's domestic market rebar offers for April production have remained stable month on month at $745/mt (AED 2,735/mt) ex-works. Similarly, rebar offers at $747/mt (AED 2,743/mt) CPT Abu Dhabi and $749/mt (AED 2,750/mt) CPT Dubai, Sharjah and the Northern Emirates with 90-day LC payment have been kept unchanged.
On the other hand, while other local rebar producers in the UAE are anticipated to announce their pricing shortly, they typically do so in accordance with ESA's price levels.
$1 = AED 3.672