Demand still lively in local UAE rebar market

Tuesday, 17 November 2015 15:09:00 (GMT+3)   |   Istanbul
       

According to market sources, prices in the local UAE rebar market have remained stable during the past week in the range of AED 1,450-1,460/mt ($395-398/mt) delivered, for November production. Market players state that demand is still lively in the UAE market due to ongoing construction and infrastructure projects. However, UAE-based traders have maintained their domestic rebar prices unchanged at relatively attractive levels, since at the end of October major local producer Emirates Steel Industries (ESI) had announced a reduction in its domestic prices for November and December production to AED 1,370/mt ($373/mt) ex-works.
 
On the other hand, Turkish producers' rebar offers to the UAE market are currently at $355-360/mt CFR on theoretical weight basis. However, buyers in the UAE market consider this level to be on the high side and are still postponing their purchases. Meanwhile market sources state that UAE-based buyers are interested in booking Turkish rebar, giving firm bids to Turkish producers at $340-345/mt CFR on theoretical weight basis. But with import scrap prices increasing in the Turkish market, Turkish producers are not expected to reduce their rebar offers to the UAE in the short term.
 
$1 = AED 3.67

Similar articles

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

Turkish domestic dollar-based rebar spot prices soften

28 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

US import rebar market remains quiet

26 Mar | Longs and Billet