According to market sources, rebar prices in the local UAE market have moved up by AED 10-20/mt ($3-5/mt) since last week to AED 2,280-2,300/mt ($621-627/mt) delivered. Meanwhile, activity in the market has started to pick up, and so prices have been revised upward, while sources report that monthly rebar consumption in the country has totaled approximately 220,000 mt.
On the other hand, ex-Turkey rebar offers to the UAE are standing at $580-585/mt CFR on theoretical weight basis, while two Turkish mills have concluded deals in the country for about 90,000 mt of rebar in total at these levels for February shipments.
$1 = AED 3.67
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