According to market sources, rebar prices in the local UAE market have remained stable since last week, with prices still standing at AED 2,260-2,270/mt ($616-619/mt) delivered. Meanwhile, local steelmaker Emirates Steel Industries (ESI) is expected to reduce its April production rebar prices as compared to prices for March production, with the mill's offers for March rolling material standing at AED 2,241/mt ($611/mt) ex-works.
Purchasing activity for both domestic and import materials has remained limited this week since buyers are carrying high inventories. In the meantime, rebar offers from Turkey to the UAE are at $570/mt CFR on theoretical weight basis, indicating an increase of $5/mt following the completion of import deals in the country for March shipment in the range of $560-565/mt CFR on theoretical weight basis, though demand for the new levels is on the poor side. In addition, expectations for a reduction in ESI's rebar offers have been impacting import rebar demand negatively.
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$1 = AED 3.67