In order to determine their new pricing policies, traders in the local United Arab Emirates (UAE) rebar market are waiting for local steelmaker Emirates Steel Industries (ESI) to announce its rebar prices for the domestic market for January production. Even though trading activity in the market has started to slow down due to the approach of the New Year, UAE-based traders have maintained their domestic rebar quotations unchanged at AED 1,775-1,800/mt ($484-490/mt) delivered to customer.
The latest deals ex-Turkey rebar deals in the UAE market have been concluded over the past two weeks at $430-445/mt CFR. However, these recent sales prices of Turkish rebar to the UAE are not valid anymore since Turkish mills’ production costs have increased amid the rising trend of import scrap prices. Turkish producers are also waiting for ESI to announce its domestic rebar prices for January production in order to determine their new prices levels for the UAE market. Accordingly, Turkish rebar producers are unwilling to give rebar offers to the UAE this week.
$1 = AED 3.67