Prices in local UAE rebar market increase further amid higher import offers

Demand for rebar in the United Arab Emirates (UAE) has remained at medium levels during the past week, while local traders' rebar prices have continued their upward trend in the same period. Last week, UAE-based steelmaker Conares closed its sales for May and June output at AED 1,650/mt ($450/mt) after completing its sales and then increased its rebar prices for July output to AED 1,875/mt ($511/mt) CPT. Market sources state that UAE-based Emirates Steel Industries (ESI) is expected to sharply raise its domestic rebar prices. The main reason for the upward movement seen in traders' rebar prices is believed to be the ongoing increasing trend of Turkish mills' rebar offers to the country amid their higher production costs due to the rises seen in global scrap quotations. Turkish rebar offers to the UAE are currently in the range of $480-490/mt CFR.
 
$1 = AED 3.67