Rebar market in the UAE

The price level of imported rebar in the UAE market is at around AED 2,400-2,450/mt ($653-667/mt) delivered to site on a theoretical weight basis for 3- and 5-month deferred payment, excluding VAT. Although the price of imported rebar has been rising, since the contractor firms are resisting the upward price movement, stockists have difficulty in reflecting these rises in the local market. On the other hand, a local producer has announced its price for April delivery at AED 2,385/mt ($649/mt). Offers from Turkey are at $645/mt CFR level on theoretical weight basis. Bookings are heard to have been concluded at this level. The fact that Turkish mills are concluding sales to the US (Gulf) at $670/mt CFR on theoretical weight basis may cause the prices in the UAE to rise further. The offers from China are currently at around $580/mt CFR level on theoretical weight basis. The latest bookings have been concluded at $550-560/mt level. The tonnages offered from China are still very low.