While buyers in the local United Arab Emirates (
UAE)
rebar market had maintained a wait-and-see stance at the beginning of last week,
UAE-based steel mill Emirates Steel Industries (ESI) increased its domestic
rebar prices for December output on November 23 by AED 281/mt to AED 1,732/mt ($472/mt) ex-works. Right after ESI's announcement, buyers in the
UAE restarted their
rebar purchases in line with their expectations of a further rise in domestic
rebar quotations, causing ESI's order books for December output to fill completely within a short period. Meanwhile, according to market sources
UAE-based steel producer Conares also closed its order books for December output last week. Additionally, Qatar Steel has increased its domestic
rebar quotations for December output by QAR 295/mt compared to its previous price levels announced on October 17 to QAR 1,750/mt ($481/mt) ex-works.
Moreover, traders in the
UAE have also revised their domestic
rebar offers upwards by AED 50-75/mt week on week to AED 1,800/mt ($490/mt) delivered to customer with the influence of the rises seen in local producers' prices and due to stronger demand in the region.
Currently,
UAE-based steel producers' new
rebar prices are more attractive than Turkish steel mills' offers to the region and traders' inventory levels in the
UAE are on the high side, with both these factors causing demand for Turkish
rebar to remain at low levels. SteelOrbis has been informed that Turkish
rebar offers to the
UAE market are currently failing to attract buyers' interest, though they have softened to $440-445/mt CFR over the past week, as buyers prefer to conclude domestic
rebar purchases.
$1 =AED 3.67
$1 = QAR 3.64