Demand for rebar in the United Arab Emirates (UAE) has remained at medium levels during the past week, while traders have increased their domestic rebar prices in the same period. UAE-based traders' domestic rebar prices have risen by AED 100/mt ($27/mt) on the lower end and by AED 50/mt ($14/mt) on the upper end to the range of AED 2,200-2,300/mt ($599-627/mt) delivered to customer, while the increases in question are smaller compared to the rises recorded in previous weeks.
On the other hand, Turkish rebar offers to the UAE have declined by $15/mt on the lower end during the past week to $520-535/mt CFR, on theoretical weight basis. It is observed that UAE-based buyers are keeping a close eye on the declines seen in the global billet market, while they are putting downward pressure on import rebar offers as they expect a fall in import rebar prices in the coming days.
$1 = AED 3.67