The price level of imported rebar in the UAE market is at around AED 2,400-2,430/mt ($653-662/mt) delivered to site on a theoretical weight basis for 3- and 5-month deferred payment, excluding VAT.
Domestic rebar prices are under pressure due to the softening of imported rebar offers. Offers from Turkey are at $620-630/mt CFR level on theoretical weight basis. Tonnage from China is around 50,000 tons on a monthly basis. The offers from China are still at $560-570/mt CFR on theoretical weight basis.
The effect of the Chinese VAT rebate cancellation, which affected other long products such as wire rod and beam, has not been fully seen in the rebar market yet. Chinese producers have not yet been able to increase their export prices to this market. If the producers manage to raise their prices, tonnages coming from China may decrease. However, the one-week holiday period beginning on May 1 in China may prevent any prospective price increase.