According to market sources,
rebar prices in the
UAE domestic market have softened by AED 10-20/mt ($3-5/mt) since last week and are currently at AED 2,300-2,310/mt ($626-629/mt) delivered.
The
UAE rebar market has gained stability in terms of supply as most transactions for June have been completed and as Emirates Steel has started to operate at full capacity following the problem it had with its production line. Correspondingly, traders' domestic
rebar prices have started to soften.
On the other hand, ex-Turkey
rebar offers to the
UAE have decreased by $5/mt over the past week to $568-575/mt, on theoretical weight basis and for late July shipments.
UAE buyers state that ex-Turkey
rebar offers to the
UAE are expected to soften as they are trending down in other export markets.
The latest
rebar transaction from Turkey to the
UAE, concluded by a producer in Izmir last week, was at $568-570/mt CFR for 40,000 mt, on theoretical weight basis and for late July shipments.
$1 = AED 3.67