According to market sources, prices in the local
UAE rebar market have decreased by AED 15/mt over the past week to the range of AED 1,830-1,850/mt ($499-504/mt) delivered, for June production. Buyers in the
UAE market state that demand for
rebar has declined roughly by around five percent in the same period due to the approach of Ramadan (starts on June 18) but is still at medium levels.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE market have also decreased, softening by $5/mt over the past week to $440-445/mt CFR on theoretical weight basis, for July shipment. Meanwhile, a Turkish steel producer has concluded deals in Dubai for a total of around 30,000 mt of
rebar at $438-442/mt CFR. Buyers in Dubai state that they will slow down their purchases in the coming days with Ramadan starting, while market observers are wondering what their strategy will be after Emirates Steel Industries (ESI) announces its new price levels next week.
$1 = AED 3.67