Demand for
rebar in the United Arab Emirates (
UAE) has failed to improve since Ramadan and is still at low levels. Meanwhile,
UAE-based traders have reduced their
rebar prices by AED 50/mt ($14/mt) week on week to AED 1,750-1,800/mt ($477-490/mt) delivered to customer.
Last week,
UAE-based steel producers Emirates Steel Industries (ESI) and Conares announced their new
rebar prices. ESI reduced its
rebar prices by AED 527/mt ($144/mt) compared to its previous price levels to AED 1,750/mt (477/mt) ex-works. The same day ESI announced its new
rebar quotations, it was heard that a Turkish steel producer concluded a deal in the
UAE for 20,000 mt of
rebar at $380/mt CFR on theoretical weight basis. After this deal, market sources stated that the decline in ESI's
rebar prices was insufficient and that ex-Turkey
rebar quotations are still more attractive. SteelOrbis has been informed that Turkish steel producers have raised their
rebar offers to the
UAE by $10/mt during the past week to $390/mt on theoretical weight basis as market sources considered ESI's
rebar prices to be on the high side and also due to the increases recorded in global raw material and semi-finished steel quotations. Meanwhile, Conares announced its new
rebar quotations on July 15 at $470/mt ex-works, raising them by $5/mt compared to their previous price levels.
According to market sources,
rebar inventories of buyers in the
UAE are sufficient and so they are in no rush to conclude new
rebar transactions, while they are expected to continue their
rebar purchases only in line with their needs.
$1 = AED 3.67