Demand for
rebar in the local United Arab Emirates (
UAE) spot market has remained at medium levels during the past week.
Following the price reductions announced by local producer Emirates Steel Industries at the beginning of September; Qatar Steel also reduced its
rebar offer prices to the
UAE at the beginning of this week, dropping them by QAR 75/mt ($21/mt) compared to its price levels announced on August 23 to QAR 1,425/mt ($391/mt) ex-works. After ESI's announcement of a reduction in its
rebar prices in the early days of September, both import
rebar offers given to the country and
UAE-based traders' domestic
rebar prices had declined. However, in the current week Turkish
rebar offers to the
UAE have remained stable at $360-365/mt CFR on theoretical weight basis. Also,
UAE-based traders have maintained their domestic
rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
$1 = QAR 3.64
$1 = AED 3.67