Negative indicators in global markets, uncertainty in the European economy and sluggishness in the steel markets have all contributed to increasing concerns of players in the Dubai domestic
rebar market. Buyers in Dubai, who are extremely cautious at present, state that the
UAE rebar market is fairly tense and that local retail
rebar prices are indicating signs of downward movement.
Accordingly, retail
rebar prices in the
UAE domestic market are currently standing at AED 2,550-2,570/mt ($694-700/mt) ex-warehouse, after a drop of AED 10/mt ($3/mt) on the lower end of last week's price range. Market players anticipate a further softening in local retail
rebar prices.
In the latest transaction from
Turkey to Dubai, the price of
rebar was at $655/mt CFR on theoretical weight basis. Although Turkish
rebar prices for Dubai have not changed since this transaction, no new purchase has been heard since. In the meantime, this week representatives from a Turkish mill are visiting buyers in Dubai in order to conclude new transactions and solidify customer relationships.
$1 = AED 3.673