Although trading activity in the local United Arab Emirates (
UAE)
rebar market has declined slightly due to Ramadan, it was observed last week that local traders increased their domestic
rebar prices following the unexpectedly high rise seen in
UAE-based producers'
rebar quotations amid expectations of a decline in domestic
rebar supply due to the embargo imposed on Qatar last week.
This week,
UAE-based traders have further increased their domestic
rebar offers by an average of AED 50/mt week on week to AED 1,800-1,830/mt ($490-499/mt) delivered to customer.
Market sources report that still no new Turkish
rebar offer has been heard in the
UAE market, though, with the tight availability problem in the local Turkish
rebar market appearing to be resolved gradually, Turkish steel mills may return to the
UAE market where domestic prices continue to move up.
$1 = AED 3.67