Emirates Steel Arkan Group announced today a 20% increase in the domestic rebar prices to become AED 3,125 per tonne, effective 1 April 2022, compared to AED 2,590 per tonne in March. The increase comes on the back of a surge in the international raw materials prices resulting from the on-going repercussions of the Russian-Ukrainian crisis, as Russia and Ukraine are among the largest suppliers of iron ore and billets across the world. Scrap prices surged by 29% and billet prices increased by 25% since our last price announcement in March.
As part of its social responsibility, Emirates Steel Arkan Group seeks to keep reducing the impact of high prices by absorbing part of the cost increases to ensure market stability, minimise price volatility and support the domestic construction industry. The group increased its domestic sales of rebar during March by almost 35% compared to previous months to avoid any shortage, maintaining a market balance that supports the local construction sector, which is key for the UAE’s sustainable economic development.
Emirates Steel Arkan Group aims to contain the surging retail prices, which is managed to remain among the lowest compared to the rest of the world. Moreover, the Group seeks to maintain availability of raw materials needed to manufacture the rebar domestically and mitigate the impact of the current increases on the end users.