Demand for
rebar in the United Arab Emirates (
UAE) has remained at medium levels during the past week, while
UAE-based traders' domestic
rebar prices have started to decline in the same period due to the downward movement seen in foreign
rebar and billet offers to the
UAE against the backdrop of the decreases recorded in global billet quotations. Accordingly,
UAE-based traders' domestic
rebar prices have declined by AED 100/mt ($27/mt) week on week to AED 2,100-2,200/mt ($572-599/mt) delivered to customer.
Meanwhile, the latest import offer prices for Turkish
rebar heard in the
UAE last week were at $475/mt CFR on theoretical weight basis, while
UAE-based buyers state that they are unwilling to conclude
rebar purchases above $460/mt CFR on theoretical weight basis. It is mostly believed that both domestic
rebar prices and import
rebar quotations in the
UAE will continue their downtrend in the coming period due to the ongoing declines seen in global steel prices.
$1 = AED 3.67