After staying away from the United Arab Emirates (
UAE)
rebar market in the previous three weeks, Turkish steel producers returned to the market in question last week, concluding two
rebar sales at $435/mt CFR and $438-445/mt CFR, both on theoretical weight basis. Market sources report that another
rebar sale has been heard this week concluded by a Turkish steel producer to the
UAE for 20,000 mt of
rebar at $430/mt on theoretical weight basis. With this latest Turkish
rebar transaction, Turkish steel producers'
rebar offers to the
UAE have moved down on the lower end to $430-445/mt CFR on theoretical weight basis.
Although domestic
rebar sales volumes in the
UAE have remained at decent levels during the past week,
UAE-based traders have reduced their domestic
rebar quotations by AED 25/mt on the lower end to AED 1,775-1,800/mt ($484-490/mt) delivered to customer, following the decline recorded in Turkish
rebar export offers to the country.
$1 = AED 3.67