According to market sources, prices in the local UAE rebar market have remained stable during the past week in the range of AED 1,450-1,460/mt ($395-398/mt) delivered, for November production. Market players state that demand is still very lively and several deals have been concluded in the domestic rebar market, since buyers’ rebar inventories have started to decrease. Accordingly, domestic rebar prices are expected to move on an uptrend in the short term. Meanwhile, even though Turkish rebar exporters have made no offers to the UAE market this week, UAE-based buyers state that they are likely to book Turkish rebar if offers decrease to levels below domestic rebar prices.
$1 = AED 3.67