During the past week, purchases in the local United Arab Emirates (UAE) rebar market have declined slightly but demand in the market is still at good levels. Meanwhile, domestic rebar prices in the UAE have remained stable for the third consecutive week at AED 2,050-2,070/mt ($559-564/mt) delivered to customer.
Market sources, stating that demand for Turkish rebar in the UAE has been nearly at a standstill in the second half of 2017, said they believe Turkish steel mills will not be able to conclude any rebar sales to the UAE unless they obtain a price advantage against domestically produced rebar,supplies of which are at sufficient levels to meet local demand. As a result, Turkish steel producers are not giving offers to UAE-based buyers, who are meeting their needs from their domestic market, while no imminent improvement in demand for Turkish rebar in the UAE is expected.
$1 = AED 3.67