Local UAE rebar spot prices stable for second consecutive week

Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at medium levels during the past week, causing UAE-based traders to maintain their domestic rebar prices unchanged week on week at AED 1,470-1,500/mt ($401-409/mt) delivered to customer.
           
Following the price reductions announced by local producers in September; Turkish rebar offers to the UAE had declined to $360-365/mt CFR on theoretical weight basis, while they have remained unchanged over the past two weeks. However, firm bids from UAE-based buyers, whose rebar inventories are still on the high side, are reported to be at $350-355/mt CFR on theoretical weight basis.
 
$1 = AED 3.67