According to market sources, rebar prices in the local UAE market have moved up as predicted in the New Year, with prices rising by AED 10-20/mt ($3-5/mt) to AED 2,270-2,280/mt ($619-621/mt) delivered. Meanwhile, demand in the market, where activity has been slow for a while, is showing signs of improvement. After the announcement of UAE-based steelmakers Emirates Steel Industries (ESI) and Conares Steel regarding increases in their production, it is increasingly expected that for purchases of imports in the coming period will declines.
On the other hand, the latest ex-Turkey deal has been concluded in the UAE for about 50,000 mt of rebar at $585-590/mt CFR on theoretical weight basis for shipment in late January, though no improvement in import activity is expected in the short term.
$1 = AED 3.67
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