During the past week, both local producers and traders in the
UAE market have increased their
rebar prices, while demand has remained at medium levels.
In the same period,
UAE-based traders'
rebar prices have increased by AED 100/mt ($27/mt) on the lower end and by AED 80/mt ($22/mt) on the upper end to AED 1,750-1,780/mt ($477-485/mt) ex-warehouse. Meanwhile, local steelmaker Emirates Steel Industries (ESI) has raised its
rebar prices for May production by AED 146/mt ($40/mt) to AED 1,671/mt ($455/mt) ex-works. Also, another
UAE-based steel mill Conares has increased its
rebar prices by AED 125/mt ($34/mt) for May production to AED 1,650/mt ($450/mt) CPT, as compared to prices for April output materials.
On the other hand, Turkish steel producers' new
rebar offers to the
UAE have increased on average by $15/mt week on week to $460-470/mt CFR, on theoretical weight basis. Additionally, it has been heard that last week a Turkish steel mill concluded a deal for a small
rebar tonnage to the
UAE in the range of $450-460/mt CFR.
$1 = AED 3.67