With Ramadan starting on June 6, demand for
rebar in the United Arab Emirates (
UAE) has declined quickly and is currently at low levels. Market sources state that Ramadan is traditionally an offseason in the local
UAE rebar market and this also appears to be the case this year.
During the past week,
UAE-based traders have kept their
rebar prices stable in the range of AED 2,100-2,200/mt ($572-599/mt) delivered to customer as no price announcement has yet been made for July and August output from Conares and Emirates Steel Industries (ESI), while on May 31 Qatar Steel announced unchanged
rebar offer prices for July production compared to its price levels for May and June.
Meanwhile, Turkish
rebar offers to the
UAE have declined by $30/mt week on week to $420/mt CFR on theoretical weight basis. However, it has been observed that buyers in the
UAE are unwilling to accept this price level and continue to exert downward pressure on Turkish steel mills' prices.
$1 = AED 3.67