Demand for rebar in the United Arab Emirates (UAE) has remained at medium levels during the past week, while rebar prices have continued their upward trend in the same period. On April 28, UAE-based steelmaker Emirates Steel Industries (ESI) increased its rebar prices for June production by AED 606/mt ($165/mt) to AED 2,277/mt ($620/mt) ex-works, as compared to its previous prices for May output materials.
Following this sharp rise, traders in the UAE market have raised their domestic rebar prices by AED 110/mt ($30/mt) on the lower end and by AED 150/mt ($41/mt) on the upper end to AED 2,100-2,250/mt ($572-613/mt) delivered to customer. On the other hand, Turkish rebar offers to the UAE have risen by $20/mt on average week on week to $535/mt CFR, on theoretical weight basis. In April, buyers in the UAE concluded several deals for a total of approximately 100,000 mt of Turkish rebar. As a result, they are in no rush to conclude new rebar deals and are maintaining a wait-and-see stance.
$1 = AED 3.67