The local United Arab Emirates (UAE) rebar market is awaiting the rebar price announcement of UAE-based steel mill Emirates Steel Industries (ESI) for December output, while local buyers who will base their own decisions on the new price levels are currently maintaining a wait-and-see stance, causing demand in the market to decline slightly from the livelier levels seen last week.
UAE-based traders' domestic rebar offers, which were at AED 1,700-1,725/mt ex-warehouse on November 15, had increased in the following days by AED 25/mt to AED 1,725-1,750/mt ($470-477/mt) delivered to customer, while they have moved sideways in the current week.
During the past week, Turkish steel producers' rebar offers to the UAE have remained unchanged at $445-450/mt CFR on theoretical weight basis. Turkish steel mills had returned to the UAE market last week with rebar sales concluded at $440-445/mt last week after being absent for two months. Market sources state that ESI's domestic rebar quotations for December output will determine the level of demand for Turkish rebar in the country.
$1 = AED 3.67