According to market sources,
rebar prices in the local
UAE market have weakened by AED 10/mt ($3/mt) on the lower end compared to last week and started to range at AED 1,950-1,980/mt ($531-540/mt) delivered to customer. The decrease in domestic
rebar prices in the
UAE market has mostly been due to the downward trend of steel prices in the global market, although
rebar demand has been at decent levels in the
UAE, just as in previous weeks. In addition,
UAE-based buyers are waiting to see local steel producer ESI's
rebar prices for March
production, which are expected to be announced next week.
Meanwhile, no new Turkish
rebar deals have been heard in the
UAE following Turkish steel producers' sales last week of a total of 80,000-85,000 mt of
rebar to the country at about $450/CFR, on theoretical weight basis, while the producers in question have already completed their sales for March shipments. On the other hand,
UAE-based buyers are not inclined to conclude new transactions for Turkish
rebar at $450/mt CFR for shipment in April and later, since it is still unclear when the downward trend of prices will come to an end and when an improvement will begin to be seen in the global steel market.
$1 = AED 3.67