According to market sources, amid the influence of declining global prices, prices in the local UAE rebar market have decreased by AED 20-30/mt ($5-8/mt) over the past week to AED 1,980-1,990/mt ($540-542/mt) delivered, while demand, inquiries and transaction activities remain at decent levels in the local UAE market. Meanwhile, despite the declining trend in the global market, local steel producer ESI has kept its prices unchanged, preventing local prices from decreasing sharply.
On the other hand, following ex-Turkey rebar deals concluded last week in the UAE for a total of 20,000-30,000 mt at $482/mt CFR on theoretical weight basis, import trading activity has nearly come to a halt. Accordingly, in the current week rebar offers from Turkey to the UAE have softened by $5-10/mt to $475-480/mt CFR, on theoretical weight basis. However, UAE-based buyers believe that import rebar offers will decline further in line with the sharp decreases seen in raw material prices and so they are not interested in import offers for the time being.
$1 = AED 3.67