This Content Is Only For Paid Subscribers
UAE-based Emirates Steel, part of EMSTEEL Group, has increased domestic rebar prices for July production.
The company raised prices for 12-32 mm rebar by AED 100 (USD 27) per ton to AED 2,921 (USD 795) per ton EXW, excluding 5pct VAT.
The company attributed the increase to global and regional market conditions that continue to place pressure on steel input costs and supply chains. The company added that it had implemented only a limited price adjustment while continuing to absorb a significant portion of the overall cost increase in support of customers and the wider market.
Regional cost pressures and logistics constraints continued to support higher prices, market insiders said. Despite the seasonal slowdown in construction activity, sentiment has improved slightly amid expectations of reduced geopolitical tensions after the recent US-Iran agreement.
Headquartered in Abu Dhabi, Emirates Steel has a production capacity of 3.5 mln tons of steel and 4.6 mln tons of cement annually. The group exports to over 70 markets, accounting for 30pct of its sales. The company offers a diverse range of steel products, including wire rod, rebar, heavy sections, and sheet piles.
1 USD / 3.67 AED