Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at medium levels during the past week. No ex-Turkey steel bookings have been concluded in the UAE market since last week, while Turkish rebar offers to the country are still at $370-375/mt CFR on theoretical weight basis.
Meanwhile, UAE-based traders have maintained their domestic rebar prices unchanged week on week at AED 1,500-1,550/mt ($409-423/mt) delivered to customer. However, today, September 6, UAE-based steelmaker Emirates Steel Industries (ESI) has reduced its rebar prices by AED 128/mt ($45/mt) to AED 1,422/mt ($388/mt) ex-works for October production, as compared to its previous prices for September output materials. For this reason, UAE-based traders are expected to revise their domestic rebar prices in the short term and ex-Turkey rebar offers to the UAE are expected to move downwards.
$1 = AED 3.67