Rebar importers in Dubai no longer show interest in new offers

Buyers in the UAE domestic market have completed their purchases for December, concluding transactions for approximately 80,000 mt of rebar last week from two different Turkish steel mills at the price level of $610-612/mt CFR on theoretical weight basis and for shipments in December. There were some rumors in the market that, apart from these two transactions to the region, another Turkish mill had also sold 150,000 mt of rebar to the country. However, these reports have been found to be without basis.
 
According to buyers in the UAE, today, November 19, the last Turkish producer referred to above offered rebar to the region at the price level of $610/mt CFR on theoretical weight basis for December shipment. However, traders in the UAE are no longer interested in import offers, as they have already completed their purchases for December. Meanwhile, market sources indicate that this price level could soften further for actual buyers.