Price movements continue in UAE rebar market

This week, rebar prices in the UAE domestic market are standing at AED 2,570-2,580/mt ($700-702/mt) ex-warehouse, on theoretical weight basis.
 
As SteelOrbis reported last week, UAE-based integrated steel producer Emirates Steel Industries (ESI) announced a decrease in its rebar prices for March production by AED 40/mt ($11/mt) as compared to last month, to the level of AED 2,535/mt ($690/mt) ex-works on theoretical weight basis, while Qatar Steel has also announced a cut in its rebar prices for the UAE market. It is thought that ESI and Qatar Steel's price cuts are aimed at increasing these steelmakers' competitiveness in the UAE rebar market.
 
In addition, latest rebar transaction from Turkey to the UAE has been concluded at $690-695/mt CFR for shipment in April, while Turkish rebar offers to the UAE are currently standing at $700/mt CFR for shipments in late April, though no transaction has been concluded so far at this price level.
 
$1 = AED 3.673