According to market sources, rebar prices in the local UAE market have moved on a stable trend since last week, remaining at AED 2,250-2,270/mt ($613-619/mt) delivered. Rebar demand in the UAE is expected to register a gradual increase, while local buyers' increased rebar stocks have prevented prices from moving upward. Meanwhile, market sources state that monthly rebar consumption in the country is approximately 200,000 mt.
On the other hand, the latest ex-Turkey rebar offers to the country have been at $590-595/mt CFR on theoretical weight basis, though no deals are expected to be concluded before January.
$1 = AED 3.67
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