SteelOrbis has learned from market sources that the rebar market in the UAE has started to show some impovements. After local mill Emirates Steel Industries (ESI) increased its December production rebar prices by AED 20/mt ($5/mt) to AED 2,205/mt ($601/mt) ex-works, it is observed that rebar offers in the UAE have started to increase gradually, while market sources state that buyers in the UAE still have sufficient inventories. The country which will host EXPO 2020 will be announced in Paris on November 27 and, if the UAE is chosen, it is expected that construction projects and steel demand in the country will increase in the coming years.
Meanwhile, the latest rebar transaction from Turkey to the UAE has been concluded at the level of $590/mt CFR on theoretical weight basis. Market sources state that demand in the UAE for import materials is still weak and they do not expect any recovery on the demand side in December.
$1 = AED 3.67
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