Recently, the imported rebar prices in the United Arab Emirates have remained stable, but due to a slowdown in buyer demand to avoid year-end inventory accumulation, the local price range has expanded, mainly through rigid demand procurement.
During the local National Day holiday, the market closed on December 4th, and it is expected that steel mills will end their bookings this week. It is reported that the listed price of rebar for delivery to the UAE domestic benchmark steel plant (UAE Steel Company) in December is 710 USD/ton EXW Dubai, with a slightly lower tradable price of approximately 685 USD/ton EXW Dubai, an increase of 20 USD/ton from November. The tradable price of secondary steel mills (led by local steel mills such as Jindal Shadeed, an Omani comprehensive long rod producer) has risen to $620-640 per ton EXW Dubai, with an increase of approximately $1 per ton. After deducting the discount from the listing price, the range has exceeded $60 per ton.
Some secondary steel mills hope to sell 90 day delivery rebar at a price of around $625 per ton EXW, but are met with joint resistance from traders in Dubai and Abu Dhabi, demanding a discount of around $5, which seriously squeezes the profit margins of steel mills and dampens market sentiment.
As the price difference continues to widen, benchmark steel mills may limit the supply of threaded steel.