Demand for rebar in the local United Arab Emirates (UAE) spot market has revived slightly during the past week and is currently at medium levels. Meanwhile, UAE-based traders’ inventories are still at high levels, continuing to exert pressure on rebar spot prices. Accordingly, UAE-based traders have reduced their domestic rebar prices by AED 25/mt ($7/mt) week on week to AED 1,500-1,550/mt ($409-422/mt) delivered to customer.
Following the ex-Turkey deal in the UAE heard last week for 20,000 mt of rebar at $370/mt CFR on theoretical weight basis, Turkish rebar offers to the country have moved sideways week on week at $370-375/mt CFR on theoretical weight basis. However, UAE-based buyers are still concluding import rebar purchases only in line with their needs since their inventory levels are at high levels, while no improvement in traders’ import rebar purchases is foreseen before the end of the Feast of Sacrifice holiday (September 12-15).
$1 = AED 3.67