According to market sources, rebar offers in the local UAE market have decreased by AED 20/mt ($5/mt) over the past week to AED 2,050/mt ($559/mt) delivered. Market sources state that it is possible to see even lower rebar prices for cash payments, adding that the softening of local rebar prices is due to the arrival of low-priced imported rebar into the market following previously concluded purchases.
During the past week, two Turkish rebar producers have concluded deals with two UAE-based buyers in the price range of $500-502/mt CFR, with both deals involving a minimum of 10,000 mt, on theoretical weight basis. Early last week, Turkish rebar producers' offers to the UAE market were in the range of $505-510/mt CFR, while buyers were seeking rebar prices at the level of $500/mt CFR and below. Accordingly, it seems that the pressure exerted by local buyers on Turkish rebar producers has achieved some success in the two deals in question.
$1 = AED 3.67