Demand in the local United Arab Emirates (UAE) rebar market is still at medium levels. After domestic steelmaker Conares reduced its rebar prices by AED 25/mt ($10/mt) for February production as compared to prices for January output materials, other steel producers in the country have decreased their prices by AED 25/mt ($10/mt) on the low end to AED 1,360-1,400/mt ($371-382/mt) ex-works. Meanwhile, producers continue to offer discounts depending on buyer and tonnages. Even though demand has not weakened during the past week, buyers in the UAE continue to expert pressure on domestic and import rebar prices, resulting in declines in both producers’ and traders’ prices, as a result of the ongoing decline in oil prices and the competition with import offers. In this context, traders’ prices in the local UAE rebar market have decreased by AED 20/mt ($6/mt) week on week to AED 1,440-1,450/mt ($393-395/mt) delivered to customer, for February shipment.
On the other hand, Turkish rebar offers to the UAE are still at $330-333/mt CFR and Omani rebar offers to the same destination have remained unchanged at AED 1,370/mt ($374/mt) CFR. However, market players state that UAE-based buyers are ready to conclude bookings below these price levels, depending on the downtrend of scrap prices.
$1 = AED 3.67