According to market sources, prices in the local UAE rebar market have remained stable over the past week in the range of AED 1,830-1,840/mt ($499-501/mt) delivered, for May production.
On the other hand, Turkish steel producers' rebar offers to the UAE market have remained stable at $455-460/mt CFR on theoretical weight basis, for June shipment. Meanwhile, market players are wondering whether domestic steel producer ESI's upward revision of its prices by $20/mt to AED 1,835/mt ($500/mt) delivered will gain acceptance in the domestic market. Even if Turkish rebar producers have a greater advantage after ESI's upwards price revision, UAE-based buyers continue to offer firm bids at $450/mt CFR on theoretical weight basis in response to Turkish offers.
$1 = AED 3.67