Emirates Steel is now offering rebar at 2,626 dirhams ($715) per tonne ex-works for orders to be produced in February, rising from the previous offer price of 2,295.50 dirhams per tonne ex-works for January production.
Conares Steel is offering rebar at 2,590 dirhams per tonne ex-works for February production, rising from 2,259 dirhams per tonne ex-works for January production.
Both producers' price increases are of $90 per tonne.
Another producer in the UAE, Hamriyah Steel, announced its rebar price at 2,750 dirhams cpt UAE for February production, normalized to 2,735-2,740 dirhams per tonne ex-works, on January 12.
Demand for rebar is moderate to strong in the UAE, and buyers had been waiting for new prices to be released. Market participants told Fastmarkets the price increases were expected because of high production costs and strong global demand.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw UAE was 2,400-2,735 dirhams per tonne on January 12, rising from 2,259-2,400 dirhams per tonne on January 5.
The local rebar price in the UAE has hit its highest level since August 2012, when Fastmarkets started to assess this market.
In the global market, the weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $650-660 per tonne on January 7, up from the $640-650 per tonne on December 31 and $530-535 per tonne at the start of December. This assessment is at a nine-year high. The price hit $660-665 per tonne on May 17, 2012.
United Arab Emirates producers Emirates Steel and Conares Steel have increased their rebar prices for February production with effect from Wednesday January 13.