According to market sources, demand in the local United Arab Emirates (
UAE) rebar market is still at medium levels. However, the declines seen in oil prices have caused buyers to maintain a cautious stance towards rebar purchases. While construction activities have not yet been affected by the budgetary deficits caused by falling oil prices, sentiment in the local
UAE rebar market has remained hesitant.
UAE-based steel producers have started making announcements for their January output rebar offers, keeping their prices stable as compared to their prices for December output materials in the range of AED 1,385-1,400/mt ($377-381/mt) ex-works. On the other hand, no new Turkish rebar offer has been heard in the
UAE market this week. Turkish exporters' previous rebar offers to the
UAE were at $330-335/mt CFR.
$1 = AED 3.67