Local UAE rebar market continues its upward trend

Demand for rebar in the United Arab Emirates (UAE) has remained at medium levels during the past week, while rebar prices have continued their upward trend in the same period. In the current week, Qatari steelmaker Qatar Steel has increased its rebar offers for May production by QAR 620/mt ($170/mt) compared to its price levels for April production to QAR 2,200/mt ($604/mt) ex-works. This has strengthened the expectations for a sharp hike in the rebar prices of Emirates Steel Industries (ESI). Meanwhile, Turkish rebar offers to the UAE have risen by $30/mt week on week to $510-520/mt CFR, on theoretical weight basis.
 
$1 = QAR 3.64