According to market sources, rebar prices in the local UAE market have remained unchanged over the past week and are still in the range of AED 2,210-2,220/mt ($602-605/mt) delivered. However, announcements of downward price revisions by Emirates Steel Industries (ESI) and Qatar Steel for October production are expected to lead to a decline in local traders' rebar prices.
UAE rebar producer ESI has lately reduced its rebar offers by AED 100/mt ($27/mt) for October production compared to its prices for September production to AED 2,150/mt ($586/mt) ex-works, while yesterday, October 27 Qatari producer Qatar Steel decreased its rebar offers by QAR 25/mt ($7/mt) for October production compared to its prices for September production to QAR 2,140/mt ($588/mt) delivered.
On the other hand, Turkish rebar offers to the UAE have softened by $5/mt over the past week to the range of $540-545/mt CFR on theoretical weight basis. However, with Turkish rebar offers declining gradually, UAE buyers have been maintaining a wait-and-see approach. No new ex-China rebar deals have been heard in the UAE market, while UAE producers are adopting a protectionist stance against Chinese rebar and are trying to prevent new import deals, which makes it difficult for traders to conclude deals for imports from China.
$1 = AED 3.67
$1 = QAR 3.64