Demand in the local United Arab Emirates (UAE) market has been positively influenced by the ongoing preparations and projects for Expo 2020, while trading activities in the UAE have not slowed down despite the expectations of a fall in Emirates Steel Industries’ list prices to be announced for November output. While market sources recall that ESI has yet not announced its new prices, they also believe the decision to monitor the changes in the international markets caused by the recent increases in global scrap quotations has contributed to the delay.
In accordance with the initial expectations, UAE-based traders have reduced their domestic rebar prices by an average of AED 40/mt week on week to AED 2,150-2,200/mt ($586-599/mt) delivered to customer.
Additionally, it is observed that Turkish steel mills have not given any rebar offers to the UAE for the second consecutive week. UAE-based buyers consider import rebar prices to be unattractive in terms of prices and delivery times since domestic rebar supply in the UAE is currently sufficient. As a result, Turkish steel producers are not expected to conclude large rebar sales to the region in the short term, as they previously used to.
$1 = AED 3.67