In the UAE's domestic rebar market, prices have been hovering in the range of AED 1,800-1,900/mt ($489-516/mt). It is observed that demand has decreased over the past two to three days in the domestic market. Also, it is observed that traders are having difficulties in obtaining payments.
On the other hand, rebar export offers given by Turkish mills to this region are standing at the level of $460-465/mt CFR Dubai. Decreasing export offers given to the UAE against the background of the softening seen in scrap and billet prices have made it difficult for the local levels mentioned in the UAE's domestic market to show an upward movement.
US$1 = AED 3.67985