Demand for rebar in the local United Arab Emirates (UAE) spot market has remained at medium levels during the past week. UAE-based steelmaker Emirates Steel Industries (ESI) has increased its rebar prices for November production by AED 29/mt ($8/mt) to AED 1,451/mt ($395/mt) ex-works, as compared to its previous prices announced on September 9 for October output materials. Also,
Qatari steelmaker Qatar Steel has revised its rebar offers for November production, increasing them by QAR 30/mt ($8/mt) compared to its price levels announced on September 26 to QAR 1,455/mt ($400/mt) ex-works. Following the rises seen in local producers' rebar prices, traders in the UAE have also raised their rebar quotations, increasing them by AED 25/mt ($7/mt) to AED 1,500-1,520/mt ($409-414/mt) delivered to customer.
Despite the rises seen in the local UAE rebar market, Turkish steel producers' rebar offers to the UAE, which had moved up to $380-400/mt FOB due to the higher production costs in Turkey caused by the increases recorded in import scrap prices in the last two weeks, were still considered to be on the high side by UAE-based buyers. Hence, Turkish steelmakers still prefer not to give rebar offers to the UAE.
$1 = AED 3.67
$1 = QAR 3.64