According to market sources, prices in the local
UAE rebar market have decreased by AED 15/mt ($4/mt) over the past week to the range of AED 1,820-1,830/mt ($496-499/mt) delivered, for June
production. Market sources state that demand for
rebar has weakened in the
UAE market due to Ramadan but is still at medium levels.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE market have remained stable over the past week at $445-450/mt CFR on theoretical weight basis, for August shipment. Meanwhile, last week a Turkish steel producer concluded a
rebar deal in Dubai at $438-442/mt CFR and no new
rebar transactions have been heard after this deal. Market sources state that buyers in Dubai are waiting for local producer Emirates Steel Industries (ESI) to announce lower prices for July
production this week. Accordingly, buyers in Dubai are unwilling to conclude
rebar deals for August shipments for now since they are waiting for ESI's announcement and they also expect to see lower
rebar offers from Turkey, while their inventories are at high levels.
$1 = AED 3.67