Demand for
rebar in the United Arab Emirates (
UAE) has remained at medium levels during the past week, while
UAE-based traders' domestic
rebar prices have remained unchanged in the same period at AED 2,100-2,200/mt ($572-599/mt) delivered to customer. Market sources state that traders'
rebar offers have been supported by Qatar Steel's decision to keep its
rebar prices stable for July production after filling its order books for May and June output.
Meanwhile, the latest import offer prices for Turkish
rebar heard in the
UAE in the middle of last week were at $450/mt CFR on theoretical weight basis, while
UAE-based buyers are now unwilling to conclude
rebar purchases above $410/mt CFR on theoretical weight basis. Buyers in the
UAE state that domestic
rebar prices in Turkey have declined significantly over the past month and they also want to see similar decreases in their
rebar purchase prices from Turkey.
UAE-based buyers' needs for
rebar have increased since they stopped their purchases from Turkey last month. As a result, buyers in the
UAE are expected to restart their purchases in the short term despite Ramadan which will start next week.
$1 = AED 3.67