It is observed that local steel mills in the United Arab Emirates (UAE) have not announced their new rebar prices for November output. However, the expectations of a downward movement in the local UAE rebar market has caused UAE-based traders to reduce their domestic rebar prices by AED 10/mt on the lower end and by AED 20/mt on the upper end during the past week. As a result, traders’ domestic rebar quotations in the UAE market have declined for the second consecutive week to AED 2,220-2,230/mt ($605-608/mt) delivered to customer. During the past week, domestic rebar purchases in the UAE have declined slightly, though demand is not weak due to the ongoing construction and infrastructure projects.
On the other hand, having reduced their rebar export prices, Turkish steel producers were seen to be offering rebar to the UAE last week at $540/mt CFR on theoretical weight basis. It is heard that Turkish mills’ rebar offers to the UAE have subsequently declined to $520/mt CFR, while no Turkish rebar sale to the UAE has been concluded. UAE-based buyers prefer not to conclude import rebar deals until local steel producer Emirates Steel Industries (ESI) announces its new rebar prices for November output.
$1 = AED 3.67