Demand for rebar in the local United Arab Emirates (UAE) spot market has recovered slightly after the Feast of Sacrifice holiday since buyers have returned to market, and it is still at medium levels. Prices in the local UAE rebar market were expected to see downward pressure when UAE-based steelmaker Emirates Steel Industries (ESI) reduced its rebar prices for October production, on September 6. As expected, traders' domestic rebar prices in the country has decreased by AED 40/mt ($11/mt) on average to AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
After ESI reduced its rebar prices for October production, UAE-based buyers have considered Turkish rebar offers to be on the high side. Therefore, ex-Turkey rebar offers to the UAE have decreased by $10/mt on average to $360-365/mt CFR over the past two weeks. However, UAE-based buyers are still unwilling to make Turkish rebar bookings for now, since they think that the decrease in Turkish rebar prices is not favorable and since UAE-based traders' stocks are still high.
$1 = AED 3.67