UAE’s Emirates Steel adds $23 per tonne to its rebar price

Emirates Steel, the biggest steelmaker in the United Arab Emirates, has announced a $23-per-tonne increase for its rebar.

From Sunday October 24, the mill is offering its rebar at 2,490 dirhams ($678) per tonne ex-works, compared with 2,406 dirhams per tonne ex-works previously.
The previous price was announced in late September.
Other rebar producers in the country did not announce any new prices at the time of writing.
Domestic rebar prices in the UAE are typically announced every fortnight.
Sources said that Emirates Steel had likely made its latest move in response to rising global prices and improved demand.
For instance, export prices for Turkish rebar have been increasing recently amid higher costs.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $750-760 per tonne on Thursday October 21, up by $25-30 per tonne (3.8%) from $725-730 per tonne on October 14.
The increases had been expected by buyers.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw UAE was 2,400-2,450 dirhams per tonne on October 19, up by 100-104 dirhams per tonne from 2,300-2,346 dirhams per tonne a week earlier.
The next price assessment for this product is on Tuesday October 26.
The Middle East connects global steel markets, allowing international trade to flourish. Learn how developments in this region will alter steel communities worldwide at this year's Middle East Iron and Steel conference 2021.

Serife Durmus


Serife Durmus

October 25, 2021

04:30 GMT