Turkish rebar offers to UAE market increase
SteelOrbis has been informed that transaction activity and demand in the local UAE rebar market have increased further during the past week.
Meanwhile, demand for import rebar in the UAE market has been slack over the past week. Turkish producers’ rebar prices have increased, on theoretical weight basis and are considered to be on the high side by the UAE-based buyers. Therefore, Turkish producers are reportedly having difficulties in concluding new deals. After the ex-Turkey transaction concluded last week for 6.000 mt of rebar, no new deal for Turkish rebar has been heard in the UAE market. On the other hand, Emirates Steel’s decision to reduce its rebar prices last week gave the producer a competitive advantage compared to Turkish producers. If Turkish producers resist reducing their rebar offers to the UAE market, Emirates Steel’s competitive advantage seems to be maintained in the coming period. Additionally, buyers in the UAE market are pleased with the trend of demand as construction activities continue without slowing down and they hope Turkish rebar offers will also be reduced in the coming days.