Import rebar offers on high side for local UAE buyers

In the UAE domestic market, rebar prices have indicated a slight increase of AED 10/mt ($3/mt) on the lower end of the price range as compared to last week and are now at AED 2,560-2,575/mt ($698-702/mt) delivered to customer, on theoretical weight basis. SteelOrbis has learned from market sources that rebar demand is still weak in the country.
 
Meanwhile, UAE-based integrated steel producer Emirates Steel Industries' (ESI) rebar offers to the domestic market are still at the level of AED 2,535/mt ($691/mt) ex-works.
 
In addition, Qatar-based long steel producer Qatar Steel's rebar prices for April production have remained at QAR 2,500/mt ($687/mt) ex-works.
 
ESI and Qatar Steel are expected to announce their May production price levels next week, as reported by market insiders. Market sources have also told SteelOrbis that local buyers in the UAE domestic market are expecting ESI to keep its rebar prices at this month's level and with this expectation they are reluctant to conclude deals in the import market for now.
 
Furthermore, SteelOrbis has been informed by market insiders that this week rebar offers from Turkey to Dubai have increased by $5/mt on the lower end of the price range as compared to last week and are now at the range of $675-680/mt CFR, on theoretical weight basis, though no transactions have been concluded so far at this price range. However, in the local UAE rebar market local market players' price expectations from import sources are in the range of $665-675/mt CFR.
 
$1 =AED 3.67
$1 =QAR 3.64