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. UAE buyers' rebar stocks are on the high side, while a holiday mood has already started to prevail in the market with the approach of the New Year and so trading activity has remained low. Meanwhile, last week an ex-Turkey rebar deal was concluded in the UAE at the price level of $590-595/mt on theoretical weight basis for January shipment. Import rebar demand in the country is expected to remain slack until the end of January. However, if local traders' inventories shrink and if local mill Emirates Steel Industries (ESI) increases its prices, import rebar demand in the country will likely pick up from February onward.
In the meantime, some preparations for EXPO 2020 have already started in the country, with canals being built and airports expanded, while rebar consumption in the UAE is expected to increase significantly during the first quarter next year.
$1 = AED 3.67
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