Purchases of rebar have been continuing in the local United Arab Emirates (UAE) market, while market sources report that demand is still at good levels. It is also observed that the rises seen in global raw material, billet and rebar quotations are providing support for the upward movement of the local UAE rebar market.
Domestic rebar prices in the UAE have increased by AED 25/mt on the lower end and by $40/mt on the upper end during the past week to AED 1,975-2,000/mt ($538-545/mt) ex-works. After the announcement of the anticipated rise in the rebar prices of Emirates Steel Industries (ESI) for September output, domestic rebar prices in the UAE are expected to continue their upward movement. Market sources state that ESI is expected to announce its new rebar quotations in the coming days.
Meanwhile, demand for Turkish rebar in the UAE has failed to indicate any revival during the past week. Despite the price increases recorded in the local UAE rebar market, Turkish rebar export prices are still considered to be on the high side in the UAE having recorded a sharp upward movement. As a result, no demand for Turkish rebar is heard in the Gulf country, according to market sources.
$1 = AED 3.67