Market sources indicate that local
rebar prices in the
UAE market have declined by AED 20/mt ($5/mt) as compared to two weeks ago and are now varying at AED 2,210-2,220/mt ($602-605/mt) delivered. Turkish
rebar offers to the
UAE market, in the meantime, have weakened by $10/mt over the same period to $545-550/mt CFR, on theoretical weight basis. Meanwhile,
UAE buyers have accelerated their import
rebar bookings as of last week and it is confirmed that some ex-
Turkey deals for a total of approximately 40,000 mt of
rebar have been concluded in the
UAE market at the price level of $545/mt CFR on theoretical weight basis.
On the other hand, attractive Chinese
rebar offers at $470/mt CFR for the
UAE have continued to exert downward pressure on Turkish
rebar offers for the same destination.
$1 = AED 3.67