According to market sources, prices in the local UAE rebar market have decreased by AED 25/mt ($7/mt) during the past week to the range of AED 1,670-1,680/mt ($455-458/mt) delivered, for August production. Market sources state that the declines seen in transaction prices for Turkish rebar have negatively impacted local market prices. Under these circumstances, buyers in the UAE market have slowed down their purchasing activities and maintained a wait-and-see stance due to anticipated declines in local rebar prices. Accordingly, demand in the local UAE rebar market has weakened compared to the previous week.
On the other hand, Turkish steel producers' rebar offers to the UAE market have decreased by $5/mt over the past week to $395-400/mt CFR on theoretical weight basis for September shipment. Market sources report that, after negotiations, a Turkish steel producer concluded a rebar deal in Dubai last week for 40,000 mt at $392-393/mt CFR, on theoretical weight basis. Meanwhile, with ex-Turkey rebar transaction prices considered to be on the low side, Emirates Steel Industries (ESI) is expected to reduce its rebar prices for September, which will be announced in the coming days.
$1 = AED 3.67