According to market sources, the local
UAE rebar market is now much livelier in terms of demand and transaction activity, while prices have remained unchanged over the past two weeks, standing at AED 1,845-1,850/mt ($469-471/mt) delivered.
Demand for imported
rebar in the
UAE still seems slack these days, while Turkish sellers have failed to conclude sales of the desired tonnages to the region as they consider the firm bids received from
UAE-based buyers to be on the low side. Following the two ex-Turkey
rebar deals concluded in the
UAE last week, for 55,000 mt and 60,000 mt of
rebar at $420/mt FOB, on theoretical weight basis, no new transaction has been heard yet. Meanwhile, market players state that local producer ESI's
rebar prices for May
production, which remained stable at AED1,760/mt ($480/mt) in the company's announcement yesterday, have gained the acceptance of buyers in the
UAE.
$1 = AED 3.93