Domestic rebar prices in the United Arab Emirates (UAE) have increased by an average of AED 10/mt during the past week and are currently at AED 1,950-1,960/mt ($531-534/mt) delivered to customer. Meanwhile, market sources state that UAE-based buyers’ demand for domestic rebar is still at good levels.
While the UAE market waits for local steel mill Emirates Steel Industries (ESI) to announce its rebar prices for September output, the rising trend of domestic rebar quotations in the UAE has slowed down. Market sources believe that players in the local UAE rebar market will determine their price strategy in line with ESI’s new rebar quotations.
Meanwhile, if Turkish mills receive demand from the UAE, their rebar offers are expected to be at $510/mt CFR on theoretical weight basis. However, UAE-based buyers still prefer to meet their rebar needs from their domestic market and are not showing interest in Turkish rebar prices which they consider to be on the high side.
$1 = AED 3.67