According to market sources, rebar prices in the local UAE market have softened by AED 10/mt ($3/mt) to AED 2,270-2,280/mt ($619-621/mt) delivered. After the Ramadan holiday, new construction projects have started in the country and market sources expect demand to revive in the local UAE rebar market in the current week. Accordingly, rebar prices are expected to trend upwards in the local UAE market.
On the other hand, over the past two weeks ex-Turkey rebar deals in the UAE have been concluded at $570/mt CFR on theoretical weight basis and for early September shipments. In the current week, Turkish rebar producers have increased their prices to UAE by $5-10/mt to $575-580/mt CFR on theoretical weight basis due to uptrending scrap prices. While no new import rebar bookings have been heard so far at the price level in question, UAE buyers are expected to accelerate their import rebar purchases in the coming days and accept the new price level.
$1 = AED 3.67