SteelOrbis has been informed that Turkish mills are offering rebar for the UAE at the level of $700/mt CFR UAE on theoretical weight basis for November shipment.
After a rather long wait, the Turkish mills have finally started to give export offers to the UAE. Due to the continuous downtrend of local prices in the Dubai market, just as in the global markets, the local traders in the UAE are unwilling to accept the abovementioned price level. Due to China's absence from the market on account of its high costs and 15 percent export duty, the Turkish, Russian and Ukrainian mills have been left to themselves in the Middle East region again. Although the price offers for the Middle East are declining, the local traders are abstaining from bookings due to the high inventory levels.
Nowadays, as the end of September approaches, the UAE traders, who are currently starting to receive their previously concluded products at $1,480/mt CFR Dubai, express fears that the rebar prices in the domestic market will indicate a further drop.