Prices in the local United Arab Emirates (UAE) rebar market first climbed up to AED 1,880/mt ($512/mt) delivered to customer in the middle of last week, compared to AED 1,800-1,830/mt ($490-499/mt) one week ago, while they have since moved down to the current level of AED 1,850/mt ($504/mt) delivered to customer, as buyers have slowed down their purchases ahead of the approaching end-of-Ramadan holiday.
Having previously not given any offers to the UAE market for a while due to their focus on their domestic market, Turkish mills have now started to give rebar offers to the region at $440/mt CFR on theoretical weight basis. Market sources had thought that demand in the UAE for Turkish rebar could increase due to the embargo imposed on Qatar; however, the UAE-based mills had failed to sell stocks because of the weak demand in May and they are now supplying rebar to the market from their inventories and are also receiving orders for new production. Accordingly, given the sufficient rebar supply in the domestic market, UAE-based buyers prefer to meet their rebar needs from local sources which provide an advantage in terms of delivery times and so they are not showing any interest in Turkish rebar.
$1 = AED 3.67