Demand for
rebar in the United Arab Emirates (
UAE) has remained at medium levels during the past week, while traders have increased their domestic
rebar prices in the same period.
UAE-based traders' domestic
rebar prices have risen by AED 100/mt ($27/mt) on the lower end and by AED 50/mt ($14/mt) on the upper end to the range of AED 2,200-2,300/mt ($599-627/mt) delivered to customer, while the increases in question are smaller compared to the rises recorded in previous weeks.
On the other hand, Turkish
rebar offers to the
UAE have declined by $15/mt on the lower end during the past week to $520-535/mt CFR, on theoretical weight basis. It is observed that
UAE-based buyers are keeping a close eye on the declines seen in the global billet market, while they are putting downward pressure on import
rebar offers as they expect a fall in import
rebar prices in the coming days.
$1 = AED 3.67