SteelOrbis has learned from market sources that
rebar prices in the
UAE domestic market have risen by AED 10/mt ($3/mt) over the past week to AED 2,270-2,280/mt ($618-621/mt) for deliveries to customer.
The transaction volume is low in the
UAE domestic
rebar market and buyers are waiting for local producer Emirates Steel Industries (ESI) to announce its
rebar prices for April production, before deciding to conclude their next round of purchases. The general market expectation is that ESI will either adjust its
rebar prices slightly downward or will not change them at all. The producer completed its February production
rebar sales only last week and is not expected to complete its March production
rebar sales until mid-April.
On the other hand, Turkish
rebar offers to the
UAE for April shipments have remained unchanged since last week at $570-575/mt CFR. Market sources have reported that a Turkish mill concluded a transaction for 30,000 mt of
rebar to the
UAE last week at $565-570/mt CFR.
$1 = AED 3.673