According to market sources,
rebar prices in the local
UAE market have remained unchanged since last week at AED 2,315-2,330/mt ($631-635/mt) delivered.
Transaction activity is still strong in the market due to work on construction projects being hastened prior to Ramadan. Over the past week, ex-Turkey
rebar sales to the
UAE have been in the range of $572-575/mt CFR on theoretical weight basis and for July shipments.
While
rebar demand has been lively in the
UAE over the past week, there is a common belief amongst buyers that they will be able to find prices below the current price ranges and so for the last seven days they have stepped up their negotiations for new purchases. Generally, domestic producers and Qatar Steel supply 170,000-180,000 mt of monthly
rebar comsumption in the
UAE market, while 70,000-80,000 mt is supplied by imports.
$1 = AED 3.67