Rebar quotations in Dubai where market activities have remained very limited have decreased to the level of AED 2,520/mt ($686/mt) ex-warehouse and this price softening is anticipated to last for a while. As orders from June shipments have not been completed, Dubai-based steel mill ESI's July production rebar offers have not been announced yet, while they were expected to be announced in early July. After June shipments are completed, it is thought that ESI will announce its July production rebar prices on July 10-15, and these will be valid in the market during July and August.
ESI's July production rebar offers are expected to indicate sharp declines as compared to last month. Turkish rebar offers to Dubai were as high as $670/mt CFR on theoretical weight basis, while June production rebar prices were announced in Dubai. Turning to the present, Turkish rebar offers to Dubai are now at $620-625/mt CFR, on theoretical weight basis.
$1 = AED 3.673