Latest situation in UAE rebar market

According to market sources, rebar prices in the local UAE market have moved on a stable trend since last week, with prices still standing at AED 2,240-2,250/mt ($610-613/mt) delivered. Meanwhile, Emirates Steel Industries (ESI) has not announced its March production rebar prices yet, since some problems have occurred at a production line in the producer's rolling plant, causing orders for February to be delayed to the second half of March.
 
As for the cost side, local scrap prices are standing in the range of $350-355/mt CPT. In the meantime, this week's rebar offers from Turkey to the UAE can be found at $560-565/mt CFR on theoretical weight basis, while ex-Turkey rebar deals for March shipments in the UAE have been completed at levels of $568-580/mt CFR, on theoretical weight basis. Rebar purchases from import sources for April shipment have not yet started in the UAE.
 
$1 = AED 3.67