Rebar price in the UAE continue to decline in a stabilized manner. One of the reasons for this is the convergence of the steel market in the Persian Gulf with world prices. After the international markets abandoned their official roofing, steel markets in other countries also began to adjust. The trend of UAE steel is quite convergent with the fluctuations of the world market these days. This is considered as a positive component in the market of this country. In the domestic steel market of Iran, we have seen less of these scenarios. In the following, we will examine more aspects of this issue. Please be with Artan Press.
*** Emirates Steel trend from the perspective of Metal Bulletin
The UAE’s largest steel producer, Emirates Steel, reduced its rebar price by 55 dirhams ($ 14.97) per tonne on Sunday (June 27th). The company has traded rebar at a price of 3,012 dirhams per ton based on demand items in the market in recent days. The UAE steel trend indicates that more prices are likely to be adjusted. Prices in the UAE rebar market these days have dropped by 3,067 dirhams per tonne compared to last Monday. In yesterday’s analysis of Metal Bulletin, it was stated that Qatar has strongly imported steel for the World Cup games. This downward trend in prices has created a good opportunity for this country to be able to supply its requested amount of steel from the markets of neighboring countries. It seems that with the decrease in the price of rebar in the UAE, many Qatari buyers will flock to this market.
*** Evaluation of UAE steel trends in recent months
Estimation of UAE national price charts shows that the trend of UAE steel in the current situation has been almost unprecedented in recent months. This is the first rebar price change for UAE Steel since May 18, which had risen from 2535 dirhams per tonne. Other rebar manufacturers in the UAE have not announced a new price until the release. The current price of Emirates Steel for rebar is $ 463 per ton of factory door, while the previous offer was $ 486. Demand for rebar in the UAE market is low and prices are expected to continue to fall. It is also noteworthy that in the UAE import market, rebar also fell recently and was last recorded with a 1.17% decrease of 505 to 509 dollars per ton CFR.
*** Probability of growing demand in the UAE rebar market
Other sources make it clear that the demand for rebar in the UAE is likely to be moderate to high in the coming months due to the approval of housing development plans in the country. Because building prefabricated houses in this country requires high resources of steel. However, market participants expected the official prices of rebar to fall as sales began at discounted prices in early mid-June. Usually, with the end of this business opportunity, some purchases will be reduced, and as demand decreases, the ground will be prepared for further price reductions.
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