Demand in the local United Arab Emirates (UAE) rebar market is still at good levels, while domestic rebar prices in the UAE have increased for the third consecutive week. Accordingly, UAE-based traders have increased their domestic rebar quotations by AED 20/mt week on week to AED 1,940-1,950/mt ($529-531/mt) delivered to customer.
Similar to previous weeks, once again no new rebar offer from Turkey to the UAE has been heard in the market during the past seven days. Market sources state that domestically produced rebar supply in the UAE is currently at sufficient levels, while buyers are still meeting their rebar needs from local suppliers due to more attractive domestic prices and delivery times.
Following the rises seen in import scrap prices in the deals concluded in Turkey last week, Turkish rebar export prices have also increased but market sources report that it is unlikely that UAE-based buyers will accept the new price levels. As a result, demand for Turkish rebar in the UAE is not expected to revive in the short term.
$1 = AED 3.67