SteelOrbis has been informed that the imported rebar price in the local UAE market currently stands at AED 1,800-1,900/mt ($490-517/mt) delivered to site, on theoretical weight basis, with three-to-four month deferred payment.
End-user demand in the local UAE rebar market has been weak. With the effect of the global financial crisis not yet having been determined and against the background of the cancellation of some projects originally scheduled for 2009, no price change is being observed in the local Dubai market which has been experiencing problems in its real estate sector.
It is observed that there have been price levels of AED 1,800/mt for cash payments and of AED 1,900/mt for deferred payments. It is expected that the local rolling mills and traders will keep their price levels unchanged as they enter 2009, and these market players may also seek both rebar and billet from Ukraine and Turkey if price levels are suitable.