Domestic rebar prices in UAE increase further

Although trading activity in the local United Arab Emirates (UAE) rebar market has declined slightly due to Ramadan, it was observed last week that local traders increased their domestic rebar prices following the unexpectedly high rise seen in UAE-based producers' rebar quotations amid expectations of a decline in domestic rebar supply due to the embargo imposed on Qatar last week. 
 
This week, UAE-based traders have further increased their domestic rebar offers by an average of AED 50/mt week on week to AED 1,800-1,830/mt ($490-499/mt) delivered to customer.
 
Market sources report that still no new Turkish rebar offer has been heard in the UAE market, though, with the tight availability problem in the local Turkish rebar market appearing to be resolved gradually, Turkish steel mills may return to the UAE market where domestic prices continue to move up.
 
$1 = AED 3.67