According to market sources, rebar prices in the local UAE market, where stocks are on the high side at the moment, have moved on a stable trend since last week, remaining at AED 2,250-2,270/mt ($613-619/mt) delivered. Meanwhile, expectations for a gradual upward movement in the country as of the New Year have gained strength after UAE-based steelmaker Emirates Steel Industries (ESI) announced an increase of AED 36/mt ($140/mt) in its January production rebar prices as compared to prices for December output materials to AED 2,241/mt ($611/mt) ex-works.
On the other hand, the latest ex-Turkey rebar deal has been concluded in the UAE at $586-590/mt CFR on theoretical weight basis, while no new import deals are expected to be concluded before mid-January.
$1 = AED 3.67