Prices move down in UAE rebar market

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