Emirates Steel, a prominent steel producer in the UAE, has announced a price increase for its rebar products, effective for January 2025 deliveries. The new price is set at 722 USD/ton (2,652 AED/ton), reflecting a rise of 14 USD/ton (50 AED/ton) from the previous month's price of 708 USD/ton (2,602 AED/ton).
This price adjustment is driven by robust domestic demand, favorable trends in the raw material markets, and the achievement of improved financial targets for the latter half of 2024. Since 2022, the rebar market has experienced significant fluctuations due to rising raw material costs, weakened demand, and stagnation in global steel markets. However, the second half of 2024 has seen a recovery, supported by strengthening domestic demand and better financial performance.
Emirates Steel's decision to raise prices underscores the company's response to market conditions and its strategic focus on maintaining financial stability and growth in a dynamic economic environment.
Additionally, the current prices for scrap materials in the UAE are as follows:
- HMS 1&2 (80:20): $332-333 per ton
- Mill Scrap: $353-359 per ton
- HMS 1: $330-332 per ton
These scrap prices further highlight the trends in the raw material markets that have influenced the rebar price adjustment. Emirates Steel's decision underscores its strategic response to market conditions and its focus on maintaining financial stability and growth in a dynamic economic environment.
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