According to information from market sources,
rebar prices in the local
UAE market have trended sideways since last week in the range of AED 2,300-2,310/mt ($627-629/mt) delivered. As of this week, purchasing activity in the domestic
rebar market has been slow amid extremely hot weather conditions and the start of Ramadan.
Meanwhile, local steelmaker Emirates Steel Industry (ESI) is expected to announce its July production
rebar offers in the second half of July and is currently waiting to complete its sales for June production materials before revising its new quotations.
On the import side, demand for current Turkish
rebar offers has remained limited after the conclusion of ex-
Turkey rebar deals in the past two weeks at price levels of $568-575/mt CFR on theoretical weight basis for shipment in late July. This week's
rebar offers to the
UAE from
Turkey are at $565-570/mt CFR on theoretical weight basis, softening by $5-7/mt over the past two weeks.
$1 = AED 3.67