Local UAE rebar spot prices move down slightly

After staying away from the United Arab Emirates (UAE) rebar market in the previous three weeks, Turkish steel producers returned to the market in question last week, concluding two rebar sales at $435/mt CFR and $438-445/mt CFR, both on theoretical weight basis. Market sources report that another rebar sale has been heard this week concluded by a Turkish steel producer to the UAE for 20,000 mt of rebar at $430/mt on theoretical weight basis. With this latest Turkish rebar transaction, Turkish steel producers' rebar offers to the UAE have moved down on the lower end to $430-445/mt CFR on theoretical weight basis.
 
Although domestic rebar sales volumes in the UAE have remained at decent levels during the past week, UAE-based traders have reduced their domestic rebar quotations by AED 25/mt on the lower end to AED 1,775-1,800/mt ($484-490/mt) delivered to customer, following the decline recorded in Turkish rebar export offers to the country.
 
$1 = AED 3.67