While demand in the local United Arab Emirates (UAE)
rebar market was strong at the beginning of last week, it has been weak since the national holiday on Thursday, December 1. Accordingly, UAE-based traders have kept their domestic
rebar prices stable over the past week at AED 1,800/mt ($491/mt) delivered to customer.
On the other hand, demand for Turkish
rebar in the UAE has remained at low levels during the past week, while Turkish steel mills'
rebar offers to the country are currently at $435-440/mt CFR on theoretical weight basis. The last
rebar sale from
Turkey to the UAE was concluded three weeks ago. Since then Turkish exporters have failed to create a price advantage in the UAE and they have now reduced their
rebar offers by an average of $5/mt week on week.
$1 = AED 3.67