Demand in the local United Arab Emirates (UAE) rebar market has declined slightly during the past week due the approach of Ramadan and as buyers are concluding purchases only in line with their needs and are avoiding restocking. Additionally, traders' domestic rebar prices are under pressure amid the declines announced by UAE-based steel mills for their May output and also due to higher inventory levels at the traders' end caused by the slower demand. As a result, traders' domestic rebar offers have declined by a further AED 5/mt in the past week, after their AED 42.5/mt fall in the previous week, to current levels of AED 1,725-1,735/mt ($470-473/mt) delivered to customer.
Meanwhile, Turkish steel producers are focusing on their domestic market due to good demand and attractive prices, and so they have not determined any new pricing strategy for the UAE. Accordingly, market sources state that no new Turkish rebar offer has been heard in the UAE.