Local UAE rebar market continues its declining trend

Tuesday, 11 April 2017 15:44:22 (GMT+3)   |   Istanbul
       

According to markets sources, demand in the local United Arab Emirates (UAE) rebar market which slowed down slightly last week is still at low levels.
 
At the end of March, UAE-based steel producer Emirates Steel Industries (ESI) had increased its rebar prices for April output by AED 74/mt compared to its rebar quotations for March output to AED 1,863/mt ($508/mt) ex-works. However, market sources report that UAE-based buyers have not accepted this price level and so ESI has reduced its rebar quotations for April output to around AED 1,760-1,770/mt ($480-482/mt) ex-works. On the other hand, domestic rebar offers of some UAE-based steel mills are heard to be at AED 1,695-1,710/mt ($462-466/mt) ex-works. As a result of the competitive pricing strategy of the steel mills, UAE-based buyers have found leverage to exert downward pressure on traders' domestic rebar offers. As a result, traders in the local UAE rebar market have also reduced their prices, decreasing them by AED 30/mt week on week to AED 1,800-1,810/mt ($490-493/mt) delivered to customer.
 
Turkish steel producers' rebar offers to the UAE were at $430/mt CFR at the beginning of last week, while they increased them to $440/mt CFR in the second half of last week against the backdrop of the rises seen in import scrap quotations in Turkey. Both prices are on theoretical weight basis. Demand for Turkish rebar in the UAE revived slightly at the end of March but, following the increases recorded in Turkish steel mills' rebar offers, demand for Turkish rebar once again nearly come to a halt towards the end of last week. As a result, no new Turkish rebar offer has been heard in the UAE.
 
$1 = AED 3.67

Similar articles

Major steel and raw material futures prices in China - March 29, 2024

29 Mar | Longs and Billet

Domestic rebar prices in Taiwan - week 13, 2024

29 Mar | Longs and Billet

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

Turkish domestic dollar-based rebar spot prices soften

28 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet