Market players in the United Arab Emirates (UAE) report that the improvement in rebar demand which was initially expected after the end-of-Ramadan holiday is currently being observed, with trading activity in the local UAE rebar market accelerating slightly during the past week. Accordingly, domestic rebar prices in the UAE have increased by AED 20/mt on the upper end week on week to AED 1,850-1,870/mt ($504-510/mt) delivered to customer.
Meanwhile, UAE-based steel producer Emirates Steel Industries (ESI) is expected to announce its prices for August output in the short term, with an upward revision anticipated. As a result, domestic rebar quotations in the UAE are expected to rise further in the coming period.
On the other hand, no new price level for Turkish rebar in the UAE has been heard during the past week. It is reported that Turkish mills are still focusing on their domestic rebar market, while UAE-based buyers prefer to work with local producers as their prices and delivery times are more advantageous. Turkish steelmakers are expected to maintain their strategy of focusing on their domestic market for a while due to higher prices caused by the tight domestic supply and by the rises seen in import scrap deals concluded over recent weeks. Under these circumstances, Turkish steel producers are not expected to lower their rebar offers to the export markets, and, as a result, demand for Turkish rebar in the UAE is not foreseen to improve in the coming days.