Having improved last week following the announcement of infrastructure and construction projects, demand in the local United Arab Emirates (
UAE)
rebar market has this week remained stable at decent levels. Meanwhile, Qatari steelmaker Qatar Steel has decreased its
rebar offers by QAR 100/mt for May production compared to its price levels announced for April to QAR 1,725/mt ($474/mt) ex-works. However, the current demand level has provided support for
UAE-based traders to keep their domestic
rebar prices stable week on week at AED 1,775-1,780/mt ($484-485/mt) delivered to customer.
Turkish
rebar prices to the
UAE had declined to $425/mt CFR in the middle of last week from the levels of $430/mt CFR recorded at the beginning of the week, both on theoretical weight basis. Following the decline in question, Turkish
rebar offers to the
UAE had gained acceptance from
UAE-based buyers, resulting in two separate
rebar deals being concluded to the country by the same Turkish mill. However, import scrap prices in Turkey, which had trended downwards as of the first week of April, changed their direction in the second half of last week. As a result, Turkish steel producers once again increased their
rebar offers to the
UAE to $430/mt CFR on theoretical weight basis.
It is observed that
UAE-based buyers are mostly maintaining a wait-and-see stance as regards import
rebar purchases as local steel mills' prices for May production have not been announced yet.
$1 = QAR 3.64
$1 = AED 3.67