According to market sources, prices in the local
UAE rebar market have decreased as anticipated, declining by AED 20/mt ($5/mt) over the past week to the range of AED 1,790-1,800/mt ($488-490/mt) delivered, for July production. Market sources state that, although prices have continued to decline due to Ramadan, demand for
rebar has improved slightly during the week and is still at medium levels.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE market have declined by $8/mt over the past week to $420-430/mt CFR on theoretical weight basis, for August shipment. Meanwhile, representatives of a Turkish producer who have been visiting their customers in the
UAE concluded
rebar deals with four to five buyers for total of 20,000 mt at $422-428/mt CFR on theoretical weight basis yesterday, July 6. Also, it has been confirmed that 22,000 mt of Turkish
rebar was sold to the Omani market at the same price range yesterday. Since the beginning of the current week, the volume of inquiries made by the buyers in the
UAE market has increased, also heightening the competition between Turkish producers. Market sources believe this may cause the next sale from Turkey to be concluded at $420/mt CFR and below.
$1 = AED 3.67