According to market sources, rebar prices in the local UAE rebar market have decreased by AED 20/mt ($5/mt) over the last two weeks to AED 2,280/mt ($621/mt) delivered. Today, July 14, UAE-based Emirates Steel Industries (ESI) announced its rebar prices for July production. Local rebar producers have lowered their prices amid higher demand for cheaper imported rebar.
Over the last two weeks, ex-Turkey deals have been concluded to the UAE for a total of 125,000 mt of rebar for August shipment at the average price level of $565/mt CFR, on theoretical weight basis. Turkish rebar producers have increased their prices to the UAE to $570/mt CFR following the deals concluded last week for significant tonnages for August shipments.
$1 = AED 3.67