According to market sources, rebar offers in the UAE domestic market have increased by AED 30/mt ($8/mt) since last week and are currently at AED 2,270-2,300/mt ($619-627/mt).
Market sources report that there is a supply shortage in the domestic market due to ongoing problems at the production line of a hot rolling mill belonging to domestic producer Emirates Steel Industries (ESI) and that the shortage has contributed to the increase in prices.
Meanwhile, tonnages purchased by UAE traders from Qatar Steel have increased. It is reported that the market share of Qatar Steel in the UAE rebar market has increased from a monthly average of 30,000 mt to 45,000 mt in April due to Qatar Steel's decision to keep its rebar prices unchanged in April. Qatar Steel's rebar offers are still at QAR 2,155/mt ($592/mt) and are considered to more attractive than UAE domestic offers, according to market sources.
In the meantime, ex-Turkey rebar offers to the UAE have increased by $10/mt since last week and are now at $590-595/mt CFR on theoretical basis for May shipment. Nonetheless, market sources say that UAE traders find the revised prices to be on the high side and are not interested in them.
$1 = AED 3.67
$1 = QAR 3.64