Demand for
rebar in the local United Arab Emirates (
UAE) spot market has remained at medium levels during the past week. Market sources state that
UAE-based traders' inventories are still at high levels, still exerting pressure on
rebar spot prices. Accordingly,
UAE-based traders have reduced their domestic
rebar prices by AED 25/mt ($6/mt) week on week to AED 1,525-1,575/mt ($415-429/mt) delivered to customer.
Additionally,
UAE-based traders are still generally postponing their import
rebar purchases. Following the ex-Turkey deal in the
UAE heard on August 18 for 25,000 mt of
rebar at $378/mt CFR on theoretical weight basis, Turkish
rebar offers to the country have declined to $370-375/mt CFR on theoretical weight basis. However, buyers are in no rush to conclude new
rebar transactions from Turkey despite the downward movement seen in Turkish
rebar prices.
$1 = AED 3.67