Domestic rebar prices in UAE fall amid weak demand

Tuesday, 10 January 2017 16:27:13 (GMT+3)   |   Istanbul
       

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. 

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