In the UAE rebar market, although Turkey is buyers' first choice as an import source, China's competitive offers to the country are attracting buyers' attention. It is reported that last weekend many large volume ex-China rebar transactions have been concluded in the UAE at $570/mt CFR on theoretical weight basis, while market players state that Turkish rebar offers to the country have declined to $585-600/mt CFR on theoretical weight basis and that rumblings regarding the conclusion of some bookings at this price level have been spread.
Local steelmakers in the UAE have cut their domestic rebar prices for October and the number of Turkish rebar offers to the country has decreased. Moreover, after several large rebar cargoes both from Turkey and China have been sold to the UAE demand has weakened leading to the emergence of an oversupply. Currently, rebar importers in the UAE are not willing to purchase more than their needs and they state that it is too early to discuss prices for November shipments.