Ahead of the Feast of Sacrifice holiday (Aug. 31-Sept. 4), demand in the local United Arab Emirates (UAE) rebar market has declined slightly compared to last week. Meanwhile, domestic rebar prices, which had been increasing gradually for some time, have remained stable week on week at AED 2,150-2,200/mt ($586-599/mt) delivered to customer with the influence of the sideways movement of scrap quotations in the global market.
On the other hand, buyers in the UAE still consider Turkish rebar offers to be on the high side and are showing no interest in Turkish rebar. As a result, Turkish steel mills have not determined a new price policy for the UAE.
$1 = AED 3.67