Posted on 28 Aug 2024
Emirates Steel has increased its domestic12-32mm rebar (BS4449:2005 grade GR500B) quotes by AED 73/tonne ($20), unexpectedly and despite objections from its rebar distributors.
Quotes are now at AED 2,442/tonne ($665) ex-works, AED 2,447.25/t (667/t) cpt Abu Dhabi, and AED 2,470.75/t (669/t) cpt Dubai, Sharjah, and Northern Emirates for September deliveries, Kallanish learns.
In a meeting on Monday morning, the company's major traders had unanimously suggested a price rollover.
"Despite objections from rebar distributors, the decision was unexpected and contrary to the market's expectation of a price rollover. It will be interesting to see how end users and secondary mills react to the increase," comments a sector participant.
Source:Kallanish
