Competition heats up among Turkish mills in UAE rebar market

Rebar prices in the UAE domestic market are standing at AED 2,425-2,430/mt ($661-662/mt) delivered, declining by AED 10-15/mt ($3-4/mt) since last week. ESI and Qatar Steel have started full capacity rebar production this week, while previous low availability problems have disappeared and many ex-Turkey rebar transactions have been concluded.
 
In the meantime, Turkish rebar offers to the UAE have declined by $10/mt to $600/mt CFR and the new prices seem very attractive for buyers in the UAE market.
 
Ahead of Ramadan, which starts on July 9, competition among Turkish rebar mills has heated up. In April, about 145,000 mt of Turkish rebar have been sold to the UAE in three separate deals at the price level of $612/mt CFR on theoretical weight basis, while three other rebar transactions for May shipment totaling 149,000 mt have been concluded at $600/mt CFR, on theoretical weight basis.
 
$1 = AED 3.67