After remaining quiet during Ramadan also due to hot weather, the
UAE domestic
rebar market has so far failed to see the expected revival after the Ramadan holiday. Market players in the
UAE rebar market are currently facing difficulties in foreseeing the market trend. The
rebar price hike of AED 40/mt ($11/mt) announced by Emirates Steel Industries (ESI) for September had resulted in marginal increases in retail sales prices. However, due to the soft trend seen in the
UAE market, coupled with sufficient inventory levels and strong competition, higher prices have failed to gain acceptance in the market. Currently,
rebar retail prices in the
UAE market are standing at AED 2,500-2,525/mt ($681-688/mt) ex-warehouse.
The soft trend seen in the
UAE rebar market has also caused import
rebar offers to soften. Accordingly, Turkish mills'
rebar offers to the
UAE have declined to $625-635/mt CFR Jebel Ali on theoretical weight basis.
$1 = AED 3.673