SteelOrbis has been informed that the price of Turkish origin rebars in the local Dubai market is standing at the level of AED 2,700-2,800/mt ($735-762/mt) delivered to site on theoretical weight basis, with three-to-four month deferred payment, excluding VAT. Meanwhile, the price of Chinese origin rebars in the same market is at the level of AED 2,500-2,550/mt ($680-694/mt), under the same terms as above.
Rebar prices in the local Dubai market have declined by AED 150-200/mt ($41-54/mt) compared to last week. End-users in the local market have been purchasing only according to their daily needs and have been refraining from buying larges tonnages due to the ongoing decreases in price levels. Even though the demand level is high in the UAE market, market players are increasingly pessimistic concerning the likelihood of a price turnaround, since prices have continued to slacken on the back of the high stock levels.