Demand in the local United Arab Emirates (
UAE)
rebar market has remained at medium levels during the past week. Meanwhile,
UAE-based traders'
rebar prices have increased by AED 50/mt ($14/mt) on the lower end and risen by AED 80/mt ($22/mt) on the upper end week on week to AED 1,650-1,700/mt ($450-463/mt) delivered to customer.
Market sources agree that local producers will increase their prices in their announcements due in the coming days, while the most recent
rebar prices of local producers were at AED 1,525/mt ($416/mt) CPT ex-works. Meanwhile, Turkish producers'
rebar offers to the
UAE have increased to $435/mt CFR during the past week due to the ongoing upward trend in import scrap and billet quotations.
Buyers in the
UAE are unwilling to conclude new import
rebar deals before the price announcements of local producers. Buyers are foreseen to accept the rises in both locally produced and import
rebar offers in the absence of any supplier of low-priced
rebar.
$1 = AED 3.67