It is observed that domestic rebar prices in the United Arab Emirates (UAE) have remained stable for the second consecutive week at AED 2,050-2,070/mt ($559-564/mt) delivered to customer. Demand in the local UAE rebar market has remained at good levels and buyers are continuing their regular rebar purchases due to ongoing projects.
Additionally, Qatar-based steel producer Qatar Steel has reduced its UAE-based plant’s rebar offers for November production by AED 75/mt compared to its previous price levels announced for October to AED 2,025/mt ($552/mt) ex-works.
Buyers in the UAE, once one of the biggest rebar export markets for Turkish suppliers, have been meeting their rebar needs from their domestic market since production rates in the country have increased and domestic rebar supply has reached sufficient levels. As a result, demand for Turkish rebar in the UAE has nearly come to a halt. Accordingly, Turkish rebar producers have not determined any new price policy for the UAE market.
$1 = AED 3.67