Demand in the local United Arab Emirates (
UAE)
rebar market has remained firm with the support of new construction projects.
Following the upward revision made last week by
UAE-based steel producers for April output
rebar, traders in the
UAE have also increased their domestic
rebar prices during the past week to AED 1,850-1,860/mt ($504-507/mt) delivered to customer, indicating an increase of AED 35/mt week on week.
After the declines recorded in import scrap prices in Turkey, Turkish steel producers have reduced their export
rebar quotations. With
UAE-based producers' rise in their
rebar prices for April output, Turkish steel mills are once again able to provide a price advantage for buyers. Currently, Turkish steelmakers'
rebar offers to the
UAE are at $430-440/mt CFR, while it is reported that a Turkish steel producer has concluded sales in the current week to Oman and the
UAE for a total of 25,000-35,000 mt of
rebar in this prices range.
$1 = AED 3.67