During the past week, UAE-based buyers have continued their domestic rebar purchases, while domestic rebar prices have increased sharply. Following the rises seen in global raw material and long steel quotations, UAE-based steel mills Emirates Steel Industries (ESI) and Conares also raised their domestic rebar prices at the end of last week to AED 2,058/mt ($561/mt) and AED 2,061/mt ($562/mt), respectively, both on ex-works basis. As a result, UAE-based traders have sharply increased their domestic rebar prices.Accordingly, UAE-based traders’ rebar prices have increased by AED 112.5/mt week on week to AED 2,100-2,200/mt ($572-599/mt) delivered to customer.
Since Turkish steel mills’ rebar offers to the international markets are still considered to be on the high side by UAE-based buyers, Turkish steelmakers prefer not to give any rebar offers to the UAE.
$1 = AED 3.67