Emirates Steel Arkan (ESA), the largest steel manufacturer and market leader in the United Arab Emirates (UAE), has released its domestic rebar prices for December production. According to the company’s announcement, rebar prices have increased by $20/mt as demand and trading activities have improved.
As a result, the supplier's new rebar price has increased by $20/mt for December production, reaching $705/mt (AED 2,588/mt) ex-works. Similarly, rebar offers have been increased to $707/mt (AED 2,596/mt) CPT Abu Dhabi and $709/mt (AED 2,604/mt) CPT Dubai, Sharjah and the Northern Emirates, with payment by 90-day letter of credit.
Meanwhile, other local producers have not yet released their prices, though they are expected to follow the same trend in the coming days.
$1 = AED 3.67