Sources told Fast Market on Tuesday (October 5th) that the price of steel rebar and ingots has dropped in the UAE and demand remains low. Chinese holidays seem to be putting pressure on all international markets, especially the rebar market. In the following, we will evaluate the UAE rebar market. Please be with Artan Press.
*** Significant price reduction in the UAE rebar market
The country’s largest rebar producer, Emirates Steel, cut its price to $ 655 per tonne (2,406 dirhams) on Tuesday (September 28th). While each ton was $ 710. According to sources, this discount has led to lower transaction prices and offers. It is likely that this drop in prices will not be accompanied by support in international markets.
*** Emirates Steel Domestic Market Developments
Rebar manufacturers in the UAE sold 2,350-2,400 dirhams ($ 653-640) per tonne per week. This is a decrease from 2400-2.510 dirhams ($ 653-683) per tonne at the factory. October 5 was 2350-2400 dirhams per ton, which fell from 2800 to 2.510 dirhams per ton on September 28.
*** Importing rebar to the UAE is on the government’s agenda
Oman sold large quantities of rebar worth about 10,000 tons during the week at $ 634 per tonne cpt in the UAE. And the suggested price of this product was $ 630-635 per ton of cpt. The weekly assessment of the fast market for the import of steel rebar, cfr port of Jabal Ali, UAE, based on the nominal weight, on Tuesday was $ 630-634 per ton. Which fell from $ 640-648 per tonne on September 28th.
*** Importing tickets from Oman to the UAE
Oman offered the billet at $ 640 per tonne cpt in the UAE. According to sources, the reason for the high price of billets compared to rebar prices was that Omani producers recently bought large quantities of billets. They sold the billet to China for $ 650 per tonne fob. UAE sources said they believe the applicable price for imported ingots could not be higher than $ 620-625 per tonne cfr. As a result, the weekly fast market price estimate for imports of steel ingots, cfr Jabal Ali, UAE, was $ 620-625 per ton on October 5, down from $ 625-630 per ton on September 28.
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