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19 May

ESI's mammoth rebar hike stuns market

Abu Dhabi-based Emirates Steel (ESI) has increased its rebar price for June shipments by a mammoth AED 532/tonne ($145) on-month to AED 3,067/t ($835). Market participants had been expecting an increase but are shocked by how steep it is, they tell Kallanish. One reason cited is the fact Omani mills are busy focusing on sales to the booming Southeast Asian markets, meaning the competition they usually provide in the United Arab Emirates market is absent. This has …
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Adam Smith  |  Poland
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