Posted on 27 Aug 2018
Abu Dhabi-based Emirates Steel (ESI) has maintained its previous month’s rebar price of AED 2,178/tonne ($593) ex-works for September deliveries. This comes as a combination of summer and the Eid holiday has subdued market activity.
A month ago, ESI slashed its rebar price by AED 117/t ($32) compared to July deliveries owing to a slowdown in United Arab Emirates market activity. “There’s no need to disturb the market, especially as it’s still the summer season,” a UAE mill source says to Kallanish of the price roll-over.
Local re-roller rival Conares is expected to announce its new price early this week.
UAE’s crude steel output, the vast majority of which is accounted for by ESI, rose 4% on-year in June to 279,000 tonnes. January-June output was still down -8.3% on-year to 1.59 million tonnes however, according to worldsteel data.
