UAE continues to purchase rebar from Turkey

Approaching the end of Ramadan, rebar buyers in the UAE have been active in the market in concluding bookings of larger tonnages.
 
At the weekend, rebar transactions totaling 30,000 mt were concluded from Turkey to the UAE at the price range of $640-645/mt CFR Jebel Ali on theoretical weight basis and for September shipments. In the meantime, SteelOrbis has learned from market sources that buyers in the UAE have already met their most of their rebar needs through transactions for late August and September shipments and it is thought that they may remain outside the market for a short period of time. However, in the coming period, buyers in the UAE are expected to start inquiries for late September and early October rebar shipments.
 
On the other hand, the UAE-based local steel producer Emirates Steel Industries (ESI) is expected to announce its rebar prices for September, increasing its prices by about AED 50-60/mt ($14-16/mt)