Local UAE rebar spot prices move sideways

Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at medium levels during the past week.
           
Following the price reductions announced by local producer Emirates Steel Industries at the beginning of September; Qatar Steel also reduced its rebar offer prices to the UAE at the beginning of this week, dropping them by QAR 75/mt ($21/mt) compared to its price levels announced on August 23 to QAR 1,425/mt ($391/mt) ex-works. After ESI's announcement of a reduction in its rebar prices in the early days of September, both import rebar offers given to the country and UAE-based traders' domestic rebar prices had declined. However, in the current week Turkish rebar offers to the UAE have remained stable at $360-365/mt CFR on theoretical weight basis. Also, UAE-based traders have maintained their domestic rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
 
$1 = QAR 3.64
$1 = AED 3.67