Buyers in the local United Arab Emirates (
UAE)
rebar market are still postponing their purchases following the AED 45/mt decline recorded in domestic
rebar prices over the past three weeks and due to the expectations of a further price decline in the local
UAE rebar market, while demand has decreased further over the past week and is currently weak.
Due to the abovementioned reasons, traders in the local
UAE rebar market have reduced their domestic
rebar prices by AED 27.5/mt week on week to AED 1,775-1,780/mt ($484-485/mt) delivered to customer. Meanwhile,
UAE-based steel mills' domestic
rebar offers are currently at AED 1,695-1,770/mt ($462-482/mt) ex-works. It is reported that Turkish steel producers are still not giving offers to the
UAE since there is no demand for Turkish
rebar in the country, while market sources state that
UAE-based steelmakers' prices for May output, which have not yet been announced, will be decisive in determining Turkish mills' future pricing strategy for the
UAE.