Demand still at medium levels in UAE rebar market

During the past week, both local producers and traders in the UAE market have increased their rebar prices, while demand has remained at medium levels.
 
In the same period, UAE-based traders' rebar prices have increased by AED 100/mt ($27/mt) on the lower end and by AED 80/mt ($22/mt) on the upper end to AED 1,750-1,780/mt ($477-485/mt) ex-warehouse. Meanwhile, local steelmaker Emirates Steel Industries (ESI) has raised its rebar prices for May production by AED 146/mt ($40/mt) to AED 1,671/mt ($455/mt) ex-works. Also, another UAE-based steel mill Conares has increased its rebar prices by AED 125/mt ($34/mt) for May production to AED 1,650/mt ($450/mt) CPT, as compared to prices for April output materials.
 
On the other hand, Turkish steel producers' new rebar offers to the UAE have increased on average by $15/mt week on week to $460-470/mt CFR, on theoretical weight basis. Additionally, it has been heard that last week a Turkish steel mill concluded a deal for a small rebar tonnage to the UAE in the range of $450-460/mt CFR.
 
$1 = AED 3.67