Posted on 28 Jan 2025
United Arab Emirates' secondary rebar producers and Oman's Jindal Shadeed have announced a rebar price rollover for February deliveries in the local UAE market.
This means tier-two mills are offering rebar at AED 2,310-2,340/tonne ($629-637) delivered against letter of credit 90 days. The price differential between the low and high end is dependent on volume and destination, Kallanish notes.
Last week, the benchmark mill set its domestic market 10-40mm straight (BS4449:2005 grade GR500B) rebar price at AED 2,480/t ex-works, AED 2,485/t delivered to Abu Dhabi and AED 2,492/t delivered to Dubai, Sharjah and the Northern Emirates. A rebate is applicable. However, its average effective net price of AED 2,406-2,415/t in January is theoretically unchanged for February deliveries.
Delivered retail rebar transaction prices are at AED 2,520-2,550/t for benchmark mill rebar and AED 2,380-2,420/t for secondary mill product, against minimum LC 90 days.
Meanwhile, mills' combined rebar sales in January were just over 400,000 tonnes, reaching nearly 405,000t, with the benchmark mill and Jindal Shadeed recording their highest monthly rebar volumes in the UAE market in recent years.
Jindal Shadeed has informed its customers it will be shutting down for one week from 17 February for maintenance.
Source:Kallanish
