Import rebar prices continue to decrease in the local Dubai market. SteelOrbis has been informed that the price of imported rebar in the local Dubai market is standing at the level of AED 3,200-3,400/mt ($871-926/mt) delivered to site on theoretical weight basis, with three-to-four month deferred payment, excluding VAT.
End-users are making purchases according to their daily requirements due to the slow construction activities in the UAE market during the month of Ramadan. The reasons behind the increasing rebar supply seen in the domestic market are the low consumption levels of end-users and continuing deliveries to the UAE despite the high inventory levels. China has no offers for the UAE, because its export offers are standing at high levels due to the 15 percent export tax applied for rebar. Meanwhile, it is heard that Turkish mills have offered rebar to the UAE market. However, local traders are unlikely to conclude purchases against the background of the decreases seen in rebar prices since the middle of July.