According to market sources, over the past week rebar offers in the local UAE market have decreased by a slight margin of AED 10/mt ($3/mt) on the lower end to AED 2,050-2,070/mt ($559-564/mt) delivered. Market sources state that demand is lively in the UAE market, while buyers still prefer locally produced rebar instead of import products.
Meanwhile, Turkish producers' rebar offers to the UAE have showed little change during the past week and are currently in the range of $505-510/mt CFR, on theoretical weight basis. However, UAE buyers are seeking prices at the level of $500/mt CFR and below. Market sources believe that Turkish rebar offers may decline to $500/mt CFR in the coming period amid the lack of new deals at the current price level.