SteelOrbis has been informed that transaction prices in the local UAE rebar market have declined by AED 10-20/mt ($3-5/mt) over the past week to the range of AED 1,940-1,950/mt ($529-531/mt) delivered. Meanwhile, UAE-based steelmaker ESI announced its March output rebar offers today, February 24, as expected. The producer's rebar offers have indicated a decrease of AED 95/mt ($26/mt) as compared to prices for February output materials, influenced by the downward trend in the global steel markets. UAE-based buyers state that ESI's current quotations are more attractive than the price levels for ex-Turkey rebar shipments due to arrive in March which were transacted a few months ago in the range of $485-502/mt CFR on theoretical weight basis.
Meanwhile, no new ex-Turkey rebar deal has been heard in the UAE market after the transaction concluded approximately two weeks ago for around 85,000 mt rebar at $450/mt CFR, on theoretical weight basis. With the completion of their sales for March shipments, UAE-based market traders and stockists believe that it is too early to conclude new purchases for shipments at the end of April. Market sources think that inquiries have been quiet for Turkish rebar during the past week. New Turkish rebar offers to the country are expected to become clearer within a couple of weeks, while market sources believe new deals are unlikely to be heard until the last moment as market players will likely wait as long as possible due to the soft trend of the market.
$1 = AED 3.67