Optimism prevails in UAE rebar market

Monday, 04 August 2014 16:00:01 (GMT+3)   |   Istanbul
       

According to market sources, rebar prices in the local UAE market have softened by AED 10/mt ($3/mt) to AED 2,270-2,280/mt ($619-621/mt) delivered.  After the Ramadan holiday, new construction projects have started in the country and market sources expect demand to revive in the local UAE rebar market in the current week. Accordingly, rebar prices are expected to trend upwards in the local UAE market.

On the other hand, over the past two weeks ex-Turkey rebar deals in the UAE have been concluded at $570/mt CFR on theoretical weight basis and for early September shipments. In the current week, Turkish rebar producers have increased their prices to UAE by $5-10/mt to $575-580/mt CFR on theoretical weight basis due to uptrending scrap prices. While no new import rebar bookings have been heard so far at the price level in question, UAE buyers are expected to accelerate their import rebar purchases in the coming days and accept the new price level.

$1 = AED 3.67


Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

US import rebar market remains quiet

26 Mar | Longs and Billet

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet