The steel rebar and billet import market in the United Arab Emirates was slow after the country’s biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.
Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.
The new rebar price did not improve demand due to weak construction activity in the UAE.
Domestic rebar
The country’s biggest producer, Emirates Steel, is offering rebar at 3,012 dirhams ($820) per tonne ex-works, but other rebar producers have not yet announced their new prices.
Deals were heard at 2,850-2,950 dirhams per tonne ex-works during the week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw UAE was 2,850-2,950 dirhams per tonne on Tuesday, unchanged since June 15.
Rebar imports
Oman offered rebar at $790-800 per tonne cpt UAE, and buyers believed that $785 per tonne cpt can be a workable price for the product. No deals were heard.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), import, cfr Jebel Ali, UAE on a theoretical-weight basis was $785-790 per tonne on June 29, falling from $790-805 per tonne on June 22.
Billet imports
Oman offered billet at $660 per tonne cpt UAE, but few offers were heard. New offers will be sent towards the end of this week or early next week, and sources expect new prices to be at $660-670 per tonne cpt from Oman to UAE for billet.
Fastmarkets’ weekly price assessment for steel billet, import, cfr Jebel Ali, UAE was $660-670 per tonne on June 29, falling from $690-725 per tonne on June 22.
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