Following the rises seen in local steel mills’ rebar prices last week, traders in the United Arab Emirates (UAE) were also expected to increase their domestic rebar quotations. In line with these expectations, traders’ domestic rebar prices in the UAE have moved up by an average of AED 100/mt during the past week to AED 2,250-2,300/mt ($613-627/mt) delivered to customer. Additionally, the upward movement of the local UAE rebar market has convinced buyers that the current trend will continue in the coming days and so purchases in the domestic rebar market have accelerated.
On the other hand, SteelOrbis has been informed that once again no new price level for Turkish rebar in the UAE has been heard in the current week.
$1 = AED 3.67