According to market sources, prices in the local
UAE rebar market have remained unchanged over the past week in the range of AED 1,790-1,800/mt ($488-490/mt) delivered, for July production. Market sources state that, although demand has been slack this week due to Ramadan, it is expected to revive after the end-of-Ramadan holiday.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE market have declined by $8/mt over the past week to $415-420/mt CFR on theoretical weight basis, for September shipment. No new ex-Turkey
rebar deals have been heard in the
UAE market after the sales of a total of approximately 120,000 mt of
rebar concluded in the country last week by Turkish producers. However, buyers in the
UAE rebar market may seek lower prices from Turkish steel producers if declines continue to be seen in import scrap prices in Turkey.
$1 = AED 3.67