According to market sources, prices in the local UAE rebar market have decreased by AED 10/mt ($5/mt) over the past two weeks to the range of AED 1,690-1,710/mt ($460-466/mt) delivered, for August production. Market sources state that demand for rebar in the UAE market is lively.
On the other hand, Turkish steel producers’ rebar offers to the UAE market have decreased by $10/mt over the past two weeks to $400-405/mt CFR on theoretical weight basis for September shipment. However, it has been heard this week that, as a result of negotiations during actual transactions, two Turkish steel producers have concluded some deals for a total of 30,000 mt rebar to Dubai at $395-398/mt CFR, on theoretical weight basis, while another Turkish producer has concluded rebar deals to Oman for 20,000 mt of rebar in the same price range and with the same conditions. Turkish steel producers consider this price range to be very low.
$1 = AED 3.67