According to market sources, prices in the local UAE rebar market have decreased by $10/mt ($3/mt) during the past week to the range of AED 1,440-1,450/mt ($393-395/mt) delivered, for December production. Market players state that demand is still lively in the UAE market due to ongoing construction and infrastructure projects. However, UAE-based traders have decreased their prices to increase sales and reduce their inventories amid year-end considerations.
On the other hand, Turkish producers’ rebar offers to the UAE market have decreased by $13/mt on average week on week to $345/mt CFR on theoretical weight basis. UAE-based buyers think that Turkish rebar prices may decrease further in the coming days, since offers are currently lower than last week’s sales prices from one Turkish producer to the country for 40,000 mt of rebar at $348-352/mt CFR on theoretical weight basis.
$1 = AED 3.67