Demand in the local United Arab Emirates (UAE) rebar market has remained stable over the past week at medium levels. This week, UAE-based steelmaker Emirates Steel Industries (ESI) has announced its rebar prices table for February and March production, keeping its quotations at AED 1,400/mt ($381/mt) ex-works, while domestic producers' rebar prices are still in the range of AED 1,385-1400/mt ($377-381/mt) ex-works. Meanwhile, a Turkish steel producer has concluded deals with several UAE-based buyers this week for a total of 45,000 mt of rebar at $330-333/mt CFR, for February shipment. Also, Omani steel producer Sharq Sohar Steel's rebar offers to the UAE are at AED 1,370/mt ($373/mt) CFR. Turkish rebar exporters are expected to continue their sales to the UAE in the coming period. However, buyers have increased their downward pressure on Turkish rebar prices due to the slight decline seen in import scrap prices in Turkey. Although UAE-based steel producers' rebar prices have remained unchanged during the past week, volume discounts of $10/mt are still available, depending on the buyer and tonnage, which has lead traders to reduce their prices slightly by AED 10/mt ($3/mt) to AED 1,460-1,470/mt ($398-401/mt) delivered to customer in the same period.
$1 = AED 3.67