Last week, UAE-based steelmaker Emirates Steel Industries (ESI) decreased its rebar price for domestic market by AED 108/mt ($29/mt) to AED 2,097/mt ($571/mt) ex-works. Following this announcement, UAE-based traders have reduced their domestic rebar prices by an average of AED 115/mt week on week to AED 2,050-2,070 /mt ($559-564/mt) delivered to customer.
Market sources state that rebar demand in the UAE is still strong and have not slowed down for a while due to the ongoing preparations and projects for Expo 2020. Meanwhile, no recovery has been observed for Turkish rebar demand in the UAE, which was one of the major target markets for Turkish rebar exports. Therefore, it has been reported that Turkish exporters have directed their sales to other destinations such as Canada and Far East.
$1 = AED 3.67