Demand for
rebar in the local United Arab Emirates (
UAE) spot market has improved further this week and is now at medium levels. However,
UAE-based traders' inventories are still at high levels. Although demand for
rebar in the local
UAE market has improved over the past week, high levels of
rebar inventories have continued to exert pressure on
rebar spot prices. Accordingly,
UAE-based traders have reduced their domestic
rebar prices by AED 50/mt ($14/mt) week on week to AED 1,550-1,600/mt ($422-436/mt) delivered to customer.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE have softened by $5/mt on the lower end week on week to $390-395/mt CFR on theoretical weight basis. On the other hand, buyers in the
UAE consider Turkish
rebar offers to be on the high side compared to spot
rebar quotations in the country, and so they are unwilling to conclude ex-Turkey
rebar purchases.
$1 = AED 3.67