GULF STEEL BILLET, REBAR: Rebar prices stable, billet import prices narrow on new deal
Prices for rebar in the United Arab Emirates and Saudi Arabia were stable this week while billet import prices in the UAE narrowed with a new deal, sources told Metal Bulletin on Tuesday January 23.
Demand for imported rebar, meanwhile, was still very weak in both countries because local prices were more competitive.
Major local rebar producers in the UAE announced new prices on January 16.
The country’s biggest producer, Emirates Steel, is offering rebar at 2,340 dirhams ($637) per tonne ex-works, and rebar from Conares Steel is on offer at 2,332 dirhams per tonne ex-works, for February and March deliveries.
Metal Bulletin’s weekly price assessment for domestic rebar in the UAE was unchanged at 2,332-2,340 dirhams per tonne ex-works on Tuesday.
“Demand is good for local rebar. The price increase was welcomed,” a trader said.
Iranian mills were offering billet at $520-530 per tonne cfr to the UAE for late-March delivery, and about 30,000 tonnes of billet was booked to the UAE from Iran at $519 per tonne cfr.
Another booking was heard at $520 per tonne cfr from Iran to the UAE, but the tonnage could not be confirmed before this story was published.
Metal Bulletin’s weekly price assessment for UAE billet imports was $519-520 per tonne cfr on January 23, falling from $520-522 per tonne cfr on January 16.
There was no demand for rebar imports in the UAE or Saudi Arabia, and no new offer prices were heard.
Metal Bulletin’s weekly price assessment for UAE rebar imports was unchanged at $565-570 per tonne cfr on a theoretical weight basis on Tuesday.
Locally produced rebar was on offer at 2,100 riyals ($560) per tonne ex-works in Saudi Arabia.
Metal Bulletin’s weekly price assessment for Saudi Arabian rebar imports was also unchanged at $560-565 per tonne cfr on a theoretical weight basis on Tuesday.