According to market sources, rebar prices in the local UAE market have moved down by AED 10/mt ($3/mt) since last week, with prices now standing at AED 2,240-2,250/mt ($610-613/mt) delivered. Market players indicate that lower transaction prices for imported rebar and sluggish demand have continued to drag local market prices downward, while due to these reasons local steelmakers will likely revise their prices for March rolling rebar in a downward direction.
Meanwhile, over the past week ex-Turkey deals for approximately 120,000 mt of rebar in total have been concluded in the UAE at $568-580/mt CFR on theoretical weight basis.
$1 = AED 3.67
Current freight costs can be viewed here.