Posted on 20 Aug 2024
United Arab Emirates rebar distributors are expecting price stability in the market for September deliveries, despite depressed prices in the Far East. Kallanish notes the benchmark mill is likely to announce its rebar quotes for the coming month towards the end of this week.
"The market is healthy, with many projects ongoing. There is a seasonal rebar sales volume decline, but it is normal for August. After 15 September, once outdoor working restrictions are revoked, contractors will speed up their projects, and rebar intake will gradually increase. We have maintained price stability in the domestic retail market since the last week of July, and it is everyone's benefit to retain it," comments a sector participant.
"China's steel market is plunging, which would have an impact everywhere, but the UAE domestic market's supply and demand chain will navigate the price trend," he adds.
Retail rebar quotes, on a credit and delivered basis, have been maintained since the last week of July at an average of AED 2,280/tonne ($621) delivered, with minor transactions at AED 2,270/t delivered for benchmark mill material. Secondary mills’ rebar quotes have eased slightly to AED 2,170-2,190/t, from AED 2,180-2,210/t two weeks ago.
Source:Kallanish
