On December 22, UAE-based steelmaker Emirates Steel Industries (ESI) announced its rebar prices for January production at AED 1,818/mt ($495/mt) ex-works, increasing its rebar prices by AED 86/mt ($23/mt) as compared to its previous prices for December output materials. Meanwhile, Qatari steelmaker Qatar Steel has revised its rebar offers for January production, increasing them by QAR 100/mt compared to its price levels announced on November 25 to QAR 1,850/mt ($508/mt) ex-works. Additionally, UAE-based steelmaker Conares has closed its rebar sales for January output after selling 50,000 mt of rebar in total at the price level of AED 1,815/mt ($495/mt) ex-works.
UAE-based traders have also increased their rebar prices for their domestic market by an average of AED 87.5/mt to AED 1,850-1,900/mt ($504-518/mt) delivered to customer after the rises seen in UAE-based producers' rebar quotations. Although rebar demand in the region has revived slightly after the increases in question, it has failed to reach at the levels seen in October-November and has remained at low levels throughout December.
Some Turkish rebar exporters who were waiting for ESI to announce its domestic rebar prices for January last week in order to determine their new price levels for the UAE market have started to offer rebar to the country this week at $460/mt CFR on theoretical weight basis. However, market sources report that no new Turkish rebar deal at this price level has been heard in the UAE market yet.
$1 = AED 3.67
$1 = QAR 3.64