Demand in the local United Arab Emirates (
UAE)
rebar market is still at low levels. During the past week, buyers' expectations of a further decline in domestic
rebar quotations have strengthened as some
UAE-based steel producers have reduced their
rebar offers for their domestic market against the backdrop of the weakness of demand and also due to the lower Turkish
rebar offers given to the country. As a result, domestic
rebar prices in the
UAE have remained under downward pressure in the period in question.
Given these circumstances,
UAE-based traders have reduced their domestic
rebar quotations for the second consecutive week, by AED 10/mt week on week to AED 1,840-1,860/mt ($501-507/mt) delivered to customer.
Meanwhile, Turkish steel producers'
rebar offers to the
UAE, which were at $455-460/mt CFR on theoretical weight basis at the beginning of last week, declined to $435-440/mt CFR on theoretical weight basis in the middle of last week and are still at these levels. Market sources report that Turkish
rebar offers to the
UAE may decline further in the coming period, due to the declines recorded in global scrap prices last week and given the weakness of demand and the downward movement of domestic prices in the
UAE.