In the UAE domestic rebar market, prices have increased slightly this week due to supply shortages, while rebar demand is currently moderate in the country.
Accordingly, local rebar prices in the UAE have increased by AED 15-25/mt ($4-7/mt) as compared to last week to AED 2,560-2,575/mt ($701-708/mt) ex-works on theoretical weight basis.
Last week, many rebar buyers in the UAE concluded transactions from Turkey at $670-680/mt CFR on theoretical weight basis. After these bookings, Turkish mills' rebar offers to the UAE have increased to $685-690/mt CFR, on theoretical weight basis and for January shipments. However, buyers in the UAE prefer to wait until the new price announcement of local producer Emirates Steel Industries (ESI), which is anticipated to increase its prices in the next few days, before placing orders from Turkish mills' increased offers.
$1 = AED 3.673