According to market sources, prices in the local UAE rebar market have increased by $10/mt ($3/mt) during the past week to the range of AED 1,450-1,460/mt ($395-395/mt) delivered, for December production. Market sources state that last week many local producers revised their prices upwards on month-on-month basis and prices in the spot market have increased accordingly. Besides, demand for domestic rebar, which has weakened in other countries due to year-end considerations, is still lively in the UAE amid ongoing infrastructure and construction projects.
On the other hand, Turkish producers’ rebar offers to the UAE market have decreased by $3/mt on average week on week to $341-342/mt CFR on theoretical weight basis. However, in transactions for a total of 20,000 mt of Turkish rebar concluded in the UAE this week, deals also have been heard at slightly below the low end of this price range.
$1 = AED 3.67