Posted on 28 Nov 2023
United Arab Emirates rebar producers and Oman's fully integrated long producer, Jindal Shadeed, have followed the UAE benchmark mill’s price hike.
They increased their UAE-delivered rebar quotes for December rolling by AED 50-73/tonne ($13.6-20) on November tags. The so-called secondary mills are now quoting rebar at AED 2,260-2,320/t ($615-632) delivered on a 90-day credit basis, Kallanish understands.
Union, Qatar Steel FZE, Jindal, AGSI and Gulf Steel are quoting rebar prices from highest to lowest in that order.
In the retail segment, traders have fine-tuned their new rebar offers at AED 2,450-2,500/t for the benchmark mill’s material and AED 2,360-2,420/t for secondary mills, on a credit and delivered basis.
"In December, despite reasonably good demand in the secondary market [end-user sales], we expect all rebar suppliers' combined December rebar sales to be 180,000 tonnes due to traders' year-end priorities. In November, this was just over 210,000t," says a buy-side source.
On 17 November, the UAE benchmark mill set its December rebar prices on a 90 days LC at sight basis at AED 2,588/t ($705) ex-works theoretical weight, an increase of AED 73/t ($20) compared to November. The price for customers in Abu Dhabi is AED 2,596/t ($707) cpt, while in Dubai, Sharjah and the Northern Emirates it is AED 2,604/t ($709) cpt (see Kallanish passim).
Source:Kallanish
