Domestic rebar prices in the United Arab Emirates (UAE) have remained unchanged after the end-of-Ramadan holiday at AED 1,850/mt ($504/mt) delivered to customer. Market sources state that initial expectations of a revival in demand in the local UAE rebar market after the holiday have failed to materialize as buyers are still concluding deals only in line with their needs.
On the other hand, it is observed that Turkish steel producers have passed on the rises recorded in their import scrap purchase prices to their rebar export quotations. Before the increase in Turkish steel mills’ rebar export quotations, the latest rebar offer from Turkey to the UAE was at $440/mt CFR on theoretical weight basis and there was no demand for Turkish rebar in the UAE. Under the current circumstances, it is considered to be impossible for UAE-based buyers to accept higher Turkish rebar offers and so no new price level for Turkish rebar has been heard in the UAE this week.
$1 = AED 3.67