Although transaction activity in the local UAE rebar market is at decent levels, spot prices in the market have continued to decline gradually, softening by AED 50/mt ($14/mt) compared to last week to around AED 1,850/mt ($504/mt) delivered. As foreseen at the end of last week, after Emirates Steel Industries (ESI) announced a downward revision of its April production rebar prices, traders have also reduced their rebar offers. Additionally, market sources think that rebar prices in the UAE market will likely decline further in the coming period.
On the other hand, while Turkish producers had concluded their last deals to the UAE market around two weeks ago at $442/mt CFR on theoretical weight basis, it has become harder to find new buyers willing to accept this price level. Two Turkish producers are in a relatively comfortable situation as they concluded their sales for April shipment before ESI's announcement, but producers are likely to face difficulties again in the coming period for May shipment sales.
$1 = AED 3.67