According to market sources, prices in the local UAE rebar market have increased by AED 23/mt ($6/mt) on average during the past week to the range of AED 1,590-1,600/mt ($433-436/mt) delivered, for October production. Market players state that demand has started to recovery in the market since buyers have returned from the Feast of Sacrifice holiday and make purchases. However, buyers are still cautious about concluding transactions as they think that prices may switch to a downtrend at any time.
On the other hand, Turkish steel producers’ rebar offers to the UAE have remained stable over the past week at $370-375/mt CFR on theoretical weight basis, for October shipment. However, Turkish producers have not concluded any deals yet.
$1 = AED 3.67