While market players in the United Arab Emirates (UAE) are waiting for domestic steelmaker Emirates Steel Industries (ESI) to announce its list prices for March output, local buyers have continued to make rebar purchases considering that a price increase could be announced. Although demand in the local UAE rebar market is still at good levels, UAE-based traders' domestic rebar offers have remained stable week on week at AED 1,790-1,800/mt ($488-490/mt) delivered to customer.
Meanwhile, Turkish steel producers' rebar offers to the UAE have also moved sideways week on week at $450-455/mt CFR on theoretical weight basis. Current Turkish rebar price levels are considered to be on the high side by UAE-based buyers. As a result, no new Turkish rebar deal in the UAE has been seen during the past week. Market sources state that Turkish steel mills may once again gain a price advantage in the UAE depending on ESI's price announcement for March output.