Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at medium levels during the past week, while UAE-based traders have kept their domestic rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
During the past week Turkish steel producers have raised their rebar offers to domestic and export markets due to the increases recorded in import scrap prices in Turkey. On the other hand, UAE-based buyers whose price expectations for Turkish rebar are at very low levels have not accepted Turkish rebar exporters' new offers. Hence, Turkish steelmakers prefer not to give rebar offers to the UAE.
$1 = AED 3.67
Demand still at medium levels in local UAE rebar spot market
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