Steel producers in the United Arab Emirates (UAE) are expected to reduce their domestic rebar prices for November output with the influence of the declines seen in global raw material and finished steel quotations.
As a result, UAE-based traders have reduced their domestic rebar prices by an average of AED 30/mt week on week to AED 2,230-2,250/mt (607-613$/mt) ex-works. Meanwhile, despite the expectations of a decline in domestic rebar prices, rebar demand in the UAE is still at good levels with support from the ongoing projects in the country.
Having not given offers to the UAE for a long time now, Turkish steel mills have returned to the UAE rebar market with new offers given the decreases seen in their rebar export quotations. Turkish rebar offers to the UAE are currently at $540/mt CFR on theoretical weight basis, while market sources report there are some offers $15-20/mt lower than this price range, though these lower Turkish rebar offers to the UAE have yet not been confirmed.
$1 = AED 3.67