According to market sources, prices in the local UAE rebar market have increased by AED 15/mt ($4/mt) during the past week to the range of AED 1,465-1,475/mt ($400-402/mt) delivered, for January production. Market sources state that demand for domestic rebar is still strong in the UAE amid both ongoing and new activity on small and medium-scale infrastructure and construction projects. Besides, buyers are continually concluding new domestic rebar bookings since their inventories are on the low side.
On the other hand, no rebar offers from Turkish producers to the UAE market have been heard this week, while two representatives from Turkish mills are currently visiting the country. Market players state that, since Chinese billet offers to Turkey have decreased to $245-247/mt CFR recently, UAE-based buyers may exert pressure on Turkish rebar offers for January shipment and make firm bids below the latest price level of $340/mt CFR on theoretical weight basis seen in the most recent concluded deals.
$1 = AED 3.67