The price level of imported rebar in the UAE market is at around AED 2,400/mt ($653/mt) delivered to site on a theoretical weight basis for 3- and 5-month deferred payment, excluding VAT.
Although some traders are concluding sales below the above price, most traders are resisting at a level of AED 2,400/mt. According to reports, some offers being made from Turkey are at $610-615/mt CFR on theoretical weight basis. However, most Turkish producers are not willing to reduce their prices to these levels. CARES-certificated rebar offers ex-China have remained unchanged compared to last week. After the Chinese VAT rebate cancellation, some traders increased their offers to around $585/mt CFR, while other traders are maintaining their current offers at around $570/mt CFR.