According to market sources, rebar prices in the local UAE market have moved down by AED 10/mt ($3/mt) since last week, with prices now standing at AED 2,270-2,280/mt ($619-621/mt) delivered. Meanwhile, local buyers' inventories are on the high side, which is why rebar demand in the domestic market has remained weak, while import rebar purchases at lower levels have also put pressure on domestic offers.
On the other hand, in ex-Turkey rebar deals for the UAE prices have varied at $572-573/mt CFR on theoretical weight basis, while transaction prices have indicated a decline of $10/mt as compared to price levels for February deliveries.
$1 = AED 3.67