SteelOrbis has been informed that transaction activity and demand in the local
UAE rebar market has continued to be strong during the past week, while local
rebar prices have remained stable in the same period in the range of AED 1,830-1,840/mt ($499-501/mt) delivered.
Meanwhile, Turkish producers have maintained a firm stance on their
rebar offers to the
UAE market and their prices have remained unchanged at $450/mt CFR, on theoretical weight basis. However, Turkish producers'
rebar export activity to the
UAE has been slack. Since
UAE-based steelmaker Emirates Steel Industries (ESI) has made no change in its
rebar prices for May
production and as its
rebar price is still more attractive than ex-Turkey offers,
UAE-based buyers' firms bids to Turkish producers are at $440/mt CFR.
UAE-based buyers, who plan to accelerate their
rebar purchases in line with the decent construction activity anticipated up to Ramadan (this year starts on June 18), expect to see lower Turkish
rebar offers in the coming weeks.
$1 = AED 3.67