According to market sources, rebar prices in the UAE market have been impacted by the declines in the global market, softening by AED 70/mt ($19/mt) over the past month. Local rebar prices in the UAE market are currently in the range of AED 2,140-2,150/mt ($583-586/mt) delivered. Meanwhile, demand in the UAE long steel market has remained strong, with monthly long steel consumption in the UAE averaging at 222,000 mt. Approximately two weeks ago, local steelmaker Emirates Steel Industries (ESI) reduced its prices and it is expected to reduce them further in the second week of December. Additionally, Qatari steel producer Qatar Steel is expected to revise its rebar prices any day now.
On the other hand, Turkish rebar offers to the UAE are currently in the range of $495-505/mt CFR Dubai, on theoretical weight basis. Market sources confirm that an ex-Turkey rebar deal to the UAE for 40,000 mt has been concluded in the above price range, for early December shipments.
$1 = AED 3.67