The Emirates Steel Arkan Group announced that it has fixed rebar prices for August at 2,516 dirhams per tonne, compared to July, for its authorized distributors in the UAE. This price does not include any discount based on quantities, additional charges for sizes or product grade or any other costs applied to the product price, such as the additional cost of raw materials.
Rebar prices witnessed a sudden drop in June to settle at 2,530 dirhams per ton, a decline of 16.6%, compared to May prices, which amounted to 2,950 dirhams per ton, according to sources working in the building materials trade.
The sources linked this decline to several reasons, including the drop in global rebar prices and the decreasing severity of the geopolitical crisis repercussions in Eastern Europe on raw material imports from Russia, which began to restore the standard raw materials export levels, steel squares “billet” until before the special military operation in Ukraine, despite the Western sanctions, in addition to the availability of new sources of import.
Rebar prices in the UAE fell in May by 8% to 2,950 dirhams per ton, after they jumped to a rate ranging between 3,200 and 3,300 dirhams per ton during March and April of this year, against the backdrop of the geopolitical crisis between Russia and Ukraine that began on February 24.
Emirates Arkan Steel provides 65% of the local market’s needs of rebar, coils of iron wire, heavy structural sections and pivot panels. At the same time, the company continues to enhance its export markets, which now include 56 countries, an increase of 50% over 2019.