According to market sources, prices in the local UAE rebar market have remained unchanged during the past week in the range of AED 1,450-1,460/mt ($395-398/mt) delivered, for October production. Market sources state that ongoing construction and infrastructure projects have boosted transaction activity in the market. Accordingly, local demand for rebar in the UAE has reached the strong levels recorded before Ramadan.
On the other hand, since the beginning of October Turkish steel producers have been finding it difficult to conclude deals in the UAE market. Just a couple of Turkish steel producers have managed to sell a total of 15,000 mt of rebar to the country, only by accepting buyers' firm bids at $325/mt CFR. Meanwhile, no new ex-Turkey offer or deal has been heard in the UAE during the past week.
$1 = AED 3.67