Emirates Steel has slashed re-bar price for Mar’21 by 91 dirhams/tonne ($25) on 24 Feb’21. Notably, market participants were anticipating a drop in prices to the tune of 150-200 dirhams/tonne ($47 per tonne), as domestic buying sentiments continued to remain weak. The company is now offering re-bar at 2,535 dirhams/tonne ($690) on an ex-works basis, down from 2,626 dirhams/tonne ($715). Due to saturated bookings in the export market, producers are being forced to cut prices, SteelMint learns from reliable sources.
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