According to market sources, prices in the local UAE rebar market have increased by AED 30/mt over the past week to the range of AED 1,860-1,870/mt ($507-510/mt) delivered, for June production. UEA-based rebar traders state that they are pleased with this price increase since demand for rebar is at decent levels in the UAE and as purchasing activity has increased based on the back of new projects amid warmer weather.
Meanwhile, Turkish steel producers' rebar offers to the UAE market have remained stable at $455-460/mt CFR on theoretical weight basis, for July shipment. However, Turkish rebar producers are unwilling to conclude deals since they want to see the market outlook after the general election in Turkey to be held on June 7. On the other hand, buyers in the UAE state that they will continue to offer firm bids at $450/mt CFR on theoretical weight basis in response to Turkish offers, depending on the downtrend of import scrap prices. Market players are wondering whether Turkish steel producers will accept UAE-based buyers' firm bids or whether they will stick to their prices after ESI's recent upward revision of its rebar prices for June production.
$1 = AED 3.67 AED