Demand for
rebar in the local United Arab Emirates (
UAE) spot market has improved further this week, though it is still at low levels. However,
UAE-based traders' inventories are currently at high levels and this has exerted pressure on their
rebar prices. Accordingly,
UAE-based traders have reduced their domestic
rebar prices by AED 50/mt ($14/mt) week on week to AED 1,600-1,650/mt ($436-450/mt) delivered to customer.
No new
rebar offer from Turkey to the
UAE was heard last week. But in the current week it is heard that Turkish steel producers have increased their
rebar offers to the
UAE by $10/mt compared to price levels recorded two weeks ago to $395/mt CFR on theoretical weight basis. On the other hand, buyers in the
UAE state that it is still early to conclude deals for September delivery, while they also point to the high levels of
rebar inventories in the country, adding they want to wait and see for another while before concluding new
rebar deals.
$1 = AED 3,67