Demand still strong in local UAE rebar market

With buyers in the United Arab Emirates (UAE) preferring to procure their rebar needs from their domestic market due to attractive prices, demand in the local UAE rebar market has remained strong during the past week. In the same period, the UAE-based traders have raised their domestic rebar offers by AED 45/mt to AED 1,600-1650/mt ($436-450/mt) delivered to customer. The month-long upward movement of UAE-based traders' rebar quotations is expected to continue in the coming days due to the lively domestic demand.
 
While domestic rebar prices in the local UAE market have risen over the past week, the upward movement of global raw material and finished steel quotations which started at the beginning of October has also caused import rebar offers to increase. As a result, Turkish rebar export prices have moved up, causing UAE-based buyers to continue to consider Turkish rebar offers to be on the high side.  With demand for Turkish rebar in the UAE remaining at low levels, SteelOrbis has been informed that Turkish steel mills' are still not giving new rebar offers to the UAE.
 
$1 = AED 3.67