Demand for
rebar in the local United Arab Emirates (
UAE) spot market has remained at medium levels during the past week, while
UAE-based traders have kept their domestic
rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
During the past week Turkish steel producers have raised their
rebar offers to domestic and export markets due to the increases recorded in import scrap prices in Turkey. On the other hand,
UAE-based buyers whose price expectations for Turkish
rebar are at very low levels have not accepted Turkish
rebar exporters' new offers. Hence, Turkish steelmakers prefer not to give
rebar offers to the
UAE.
$1 = AED 3.67