According to market sources, rebar offers in UAE domestic market have remained unchanged since last week and are still at AED 2,300-2,310/mt ($627-629/mt) delivered, while demand in the market is still brisk.
Last week, Qatar Steel increased its rebar offers by QAR 80/mt ($22/mt) to QAR 2,235/mt ($614/mt) delivered for May production due to strong transaction activity. The producer in question has targeted its domestic market amid strong local demand, reducing its monthly rebar sales volume to the UAE from 35,000-40,000 mt to 25,000-30,000 mt for May production.
Ex-Turkey rebar transactions to the UAE have totaled 90,000 mt over the last two weeks, with deal prices in the range of $580-592/mt CFR ($572-585/mt FOB). Turkish rebar offers to the UAE have remained unchanged this week compared to last week and are currently at $575-580/mt CFR on theoretical weight basis.
Market sources state that import rebar transactions to the UAE have been completed for May shipments, while inquiries in the market for June shipments are expected to increase in the coming weeks.
$1 = AED 3.67
$1 = QAR 3.64