UAE Steel raises September rebar prices, Saudi infrastructure project approved, expected to drive demand in the future

This week, Emirates Steel HR275 steel Arkan raised the price of rebar for September, with a quote of 2447 dirhams/ton (approximately $666) for rebar delivered to Abu Dhabi and 2456 dirhams/ton (approximately $668) for other northern emirates such as Dubai and Sharjah, an increase of about $20 from the previous price.

Previously, the long timber market in the United Arab Emirates was affected by high temperatures and severe weather in the past few months, resulting in sluggish demand and a lack of confidence among buyers, leading to a very slow market operation. The reason for the price increase this time is mainly due to the improvement of domestic and foreign markets. It can be seen that there has been a bottoming out rebound in the global steel market this week, with both raw material and finished steel prices rebounding to a certain extent. The market's expectations for future demand recovery have improved; On the domestic front, the construction market in the United Arab Emirates HR275 steel is currently expanding on a large scale, and the construction progress may accelerate towards September, which is the fourth quarter. Demand is expected to improve.

Another country in the Middle East region, the Saudi government, announced the approval of the overall plan for King Salman International Airport. The overall plan of the airport covers an area of approximately 57 square kilometers, including six parallel runways, a new terminal building, and real estate development in the surrounding area. It is expected to be completed by 2030. If completed as planned, it will be the largest airport in the Middle East and also the largest airport in the world. Currently, due to the promotion of multiple large-scale infrastructure projects driven by Saudi Arabia's 2030 Vision, such as the NEOM Future New City project, the 2030 World Expo Exhibition Hall, and 13 other large-scale construction plans or mega projects, from the perspective of steel demand, the development of infrastructure projects may drive an overall increase in demand in the Saudi HR275 steel market.