SteelOrbis has been informed that ex-Turkey deals to the UAE for a total of approximately 40,000 mt of rebar have been concluded over the past week at $582-585/mt CFR, on theoretical weight basis and for October shipments. Demand for import rebar is lively in the UAE market, but buyers are still cautious and are bargaining over prices.
On the other hand, Turkish producers have revised their rebar prices for the UAE upward by $3-5/mt compared to last week, with their offers now in the range of $585-588/mt CFR.
In the local UAE rebar market, Emirates Steel is expected to announce its rebar offers for August production either today, August 21, or tomorrow. Following Emirates Steel's announcement, the new price levels in the market will become clear, with traders expected to clarify their rebar offers to the domestic market. Meanwhile, market players report that Emirates Steel will probably increase its rebar offers by $5-10/mt for August production, up from AED 2,241/mt ($611/mt) ex-works for July production.
$1 = AED 3.67