Last week, it was observed that buyers had stayed away from the local United Arab Emirates (UAE) rebar market due to the Feast of Sacrifice holiday (Aug. 31-Sept. 4) as they had decided to postpone their purchases until after the holiday. With the end of the holiday in the current week, buyers have returned to the market, though trading activity has not accelerated yet.
On the other hand, with global raw material and finished steel prices remaining at high levels, domestic rebar quotations in the UAE have remained stable at the pre-holiday levels of AED 2,150-2,200/mt ($586-599/mt) delivered to customer.
Meanwhile, Turkish rebar producers have also returned to the market after the Feast of Sacrifice holiday, though their rebar export prices are still considered to be on the high side by UAE-based buyers. As a result, this week, Turkish steel mills have still not determined any price strategy for the UAE.
$1 = AED 3.67