In the
UAE domestic
rebar market, prices have continued to soften further this week due to sluggish demand. Accordingly, local
rebar prices in the
UAE this week have softened by AED 25/mt ($7/mt) as compared to last week to AED 2,625-2,650/mt ($715-722/mt) ex-works on theoretical weight basis. As SteelOrbis previously reported, local
rebar prices in the
UAE had declined by AED 50/mt ($14/mt) last week.
In the meantime, Turkish mills'
rebar offers to the
UAE have decreased further by $10/mt as compared to last week, after last week's price decline of $5/mt, falling to $665-670/mt CFR on theoretical weight basis, for November shipments. However, no transaction has been heard so far at this price range. Buyers in the
UAE are closely following import offers, adopting a wait-and-see stance for now. In early October, Turkish mills were offering
rebar to the
UAE at $700-705/mt CFR.
$1 = AED 3.673