Abu Dhabi, UAE - August 29, 2024 - Emirates Steel Arkan, the largest publicly traded building materials company in the UAE, has announced an increase in rebar prices for September production. The company's new prices are set at AED 2,447.25 ($666) per tonne CPT Abu Dhabi and AED 2,456.25 ($669) per tonne CPT Dubai, Sharjah, and the Northern Emirates.
The price hike, which ranges from $19 to $20 per tonne compared to August, comes amid better trading activity in the UAE market. The decision is believed to be influenced by the upcoming Ramadan period, which typically sees a slowdown in construction activity.
These new prices, which exclude 5% VAT, are applicable to all approved distributors of Emirates Steel Arkan in the UAE. The company, which holds a 60% share of the UAE's steel market, has a total steel production capacity of 3.5 million tons annually.
