According to market sources,
rebar offers in the
UAE domestic market have increased by AED 30/mt ($8/mt) since last week and are currently at AED 2,300-2,310/mt ($627-629/mt) delivered. Market sources report that traders in the
UAE market have been increasing their prices in the last two weeks and that demand in the market has been brisk.
Domestic producer Emirates Steel Industries (ESI) is expected to announce its
rebar offers for May shipments next week, with its prices expected to remain unchanged.
UAE-based steel producer ESI's April
rebar offers were unchanged compared to its offers for March shipments, remaining at AED 2,241/mt ($611/mt) ex-works. ESI has had a problem at a production line which has caused its shipments to decrease, but its shipments are expected to pick up in the coming month.
In the meantime, ex-Turkey
rebar offers to the
UAE have remained unchanged since last week and are still at $590-595/mt CFR on theoretical weight basis for May shipments. Nonetheless, market sources say that
UAE traders find the revised prices to be on the high side and are not interested in them.
Ex-Turkey
rebar deals to
UAE are likely to be concluded in the coming days, while Turkish
rebar producers seem to be maintaining their strong stance on their prices.
$1 = AED 3.67