SteelOrbis has been informed that buyers in the local United Arab Emirates (UAE) rebar market have slowed down their purchases due to the approaching Ramadan, and so demand has declined to low levels over the past week. Meanwhile, it is observed that UAE-based traders have reduced their domestic rebar prices by AED 15/mt on the lower end and AED 5/mt on the upper end week on week to AED 1,710-1,730/mt ($466-471/mt) delivered to customer.
On the other hand, Turkish rebar producers are still focusing on their domestic markets amid the ongoing tightness of supply as well as the higher prices compared to exports. As a result, they do not give any rebar offers to the UAE.
$1 = AED 3.67