According to market sources, rebar prices in the local UAE market have decreased by AED 10/mt ($3/mt) since last week to AED 2,270-2,280/mt ($619-621/mt) delivered. The AED 60/mt ($16/mt) downward price revision made by Emirates Steel Industries (ESI) has put pressure on traders, while demand in the local market has remained on the weak side.
On the other hand, ex-Turkey rebar sales to the UAE for October shipment have closed at levels of $572-580/mt CFR on theoretical weight basis, while new offers are expected to be announced in the coming week. Rebar offers in the local UAE market have continued their gradual decrease, while new Turkish offers for the UAE are not likely to indicate upward movement.
$1 = AED 3.67