According to market sources, prices in the local UAE rebar market have increased by $5/mt week on week to the range of AED 1,470-1,480/mt ($401-404/mt) delivered, for January production. Market sources state that demand for domestic rebar is still firm in the UAE amid both ongoing and new activity on small and medium-scale infrastructure and construction projects.
On the other hand, a Turkish steel producer concluded a deal in the UAE market last week for 30,000 mt of rebar at $335/mt CFR on theoretical weight basis, which was $3/mt above the price in the previous deal concluded at $338/mt last week. The reason for the higher price in the later deal is its 120-day deferred payment by letter of credit. During the past three weeks, Turkish steel producers concluded 120,000 mt of rebar sales to UAE and no new rebar offers from Turkey have been heard in UAE market this week.
$1 = AED 3.67