Demand in the local United Arab Emirates (
UAE) market has softened further during the past week and is still at low levels. Following the low-priced
rebar offers from Oman to the
UAE heard last week, some
UAE-based steel mills have revised their domestic
rebar prices downwards amid the weakness of demand. With the revisions recorded in
UAE-based producers' domestic
rebar prices,
UAE-based traders have also reduced their
rebar offers for their domestic market by AED 30/mt on the upper end week on week to AED 1,850-1,870/mt ($504-510/mt) delivered to customer.
Turkish steelmakers had reduced their
rebar offers to the
UAE by $5/mt last week to $455-460/mt CFR on theoretical weight basis. However, since
UAE-based buyers' expectations for a further decline in domestic
rebar prices have strengthened, interest in Turkish
rebar in the country has been very slack this week and no new Turkish
rebar deal at $455-460/mt CFR has yet been heard in the market.