Following the upward revision by Emirates Steel Industries (ESI) of its domestic rebar prices to AED 1,789/mt ($487/mt) ex-works two weeks ago, the local UAE rebar market had started to move on a rising trend. However, this upward movement of domestic rebar prices in the UAE has been limited because some UAE-based steel producers have continued to offer rebar prices at AED 1,695-1,710/mt ($462-466/mt) ex-works due to their inventories being at high levels.
It is reported that there is no demand for Turkish rebar in the UAE since UAE-based buyers still consider Turkish rebar offers to be on the high side, while Turkish steel mills are not giving any offers to the country since their production costs have increased further after the rises recorded in import scrap quotations in Turkey last week.
$1 = AED 3.67