According to market sources, prices in the local
UAE rebar market have decreased by AED 10/mt over the past week to the range of AED 1,850-1,860/mt ($504-507/mt) delivered, for June
production. Market sources state that demand for
rebar is strong in the
UAE market on the back of ongoing projects in the country.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE market have also decreased, softening by $10/mt over the past week to $445-450/mt CFR on theoretical weight basis, for July shipment. Meanwhile, last week a Turkish steel producer concluded deals in Dubai for total 50,000 mt of
rebar at $445-448/mt CFR. Buyers in Dubai state that they need to conclude some
rebar bookings and are making firm bids at $440/mt CFR. At present, three representatives from Turkish steel producers are heard to be in Dubai with a view to concluding
rebar sales.
$1 = AED 3.67