According to market sources, rebar prices in the local UAE market have moved on a stable trend since last week, with prices still standing at AED 2,280-2,300/mt ($621-627/mt) delivered. Prices have continued their sideways trend as purchasing activity for rebar is moderate. However, the soft trend of import rebar prices has put downward pressure on local mills' offers.
Ex-Turkey rebar offers for the UAE have, as predicted, decreased since last week, declining by $5/mt to $575-580/mt CFR on theoretical weight basis. The softening in raw material prices and sluggish demand for imported rebar in the UAE have caused decreases in Turkish producers' rebar offers.
$1 = AED 3.67