According to market sources, prices in the local UAE rebar market have decreased by AED 40/mt ($11/mt) during the past week to the range of AED 1,610-1,620/mt ($439-441/mt) delivered, for September production. Market sources state that demand is at medium levels in the local UAE rebar market and buyers are postponing their bookings since they think that prices will decrease further.
On the other hand, Turkish steel producers, whose most recent rebar offers to the UAE were at $395-400/mt CFR on theoretical weight basis, has not issued any new price offers over the past two weeks, but are expected to make new offers next week. Since import scrap prices are moving on a downtrend, UAE-based buyers are expected to make their firm bids to Turkish producers at $380-385/mt CFR. Market players state Turkish buyers will have to accept buyers’ firm bids since local steel producer Emirates Steel Industries (ESI) and Qatar Steel have significantly reduced their prices.
$1 = AED 3.67