Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at low levels during the past week. Meanwhile, UAE-based traders have reduced their rebar prices further by AED 100/mt ($27/mt) week on week to AED 1,650-1,700/mt ($450-463/mt) delivered to customer.
According to market sources, a Turkish steel producer concluded a deal to the UAE last week for 15,000 mt of rebar at $385/mt CFR on theoretical weight basis. Following the Turkish steel mills' decision to raise their rebar export prices this week to $385-410/mt FOB due to the increases recorded in import scrap quotations, no new Turkish rebar offer has been heard in the UAE market.
$1 = AED 3.67