Demand for
rebar in the local United Arab Emirates (
UAE) spot market has remained at medium levels during the past week, causing
UAE-based traders to maintain their domestic
rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
Following the price reductions announced by local producers in September; Turkish
rebar offers to the
UAE had declined to $360-365/mt CFR on theoretical weight basis, while they have remained unchanged over the past two weeks. However, firm bids from
UAE-based buyers, whose
rebar inventories are still on the high side, are reported to be at $350-355/mt CFR on theoretical weight basis.
$1 = AED 3.67