Local UAE rebar spot prices move sideways

While demand in the local United Arab Emirates (UAE) rebar market was strong at the beginning of last week, it has been weak since the national holiday on Thursday, December 1. Accordingly, UAE-based traders have kept their domestic rebar prices stable over the past week at AED 1,800/mt ($491/mt) delivered to customer.
 
On the other hand, demand for Turkish rebar in the UAE has remained at low levels during the past week, while Turkish steel mills' rebar offers to the country are currently at $435-440/mt CFR on theoretical weight basis. The last rebar sale from Turkey to the UAE was concluded three weeks ago. Since then Turkish exporters have failed to create a price advantage in the UAE and they have now reduced their rebar offers by an average of $5/mt week on week.
 
$1 = AED 3.67