Rebar quotations soften slightly in UAE, demand still weak

In the UAE domestic market, rebar prices have indicated a slight decrease of AED 15-25/mt ($4-7/mt) as compared to last week and are now at AED 2,550-2,575/mt ($695-702/mt) delivered to customer, on theoretical weight basis. Last week in the UAE domestic market, rebar prices were at AED 2,575-2,590/mt ($702-706/mt) ex-warehouse, on theoretical weight basis. SteelOrbis has learned from market sources that weak rebar demand in the country is reflected in the local rebar prices.
 
Meanwhile, UAE-based integrated steel producer Emirates Steel Industries' (ESI) rebar offers to the domestic market are still at the level of AED 2,535/mt ($691/mt) ex-works.
 
In addition, Qatar-based long steel producer Qatar Steel's rebar prices for April production have remained at QAR 2,500/mt ($687/mt) ex-works.
 
ESI and Qatar Steel are expected to announce their May production price levels in two weeks' time, as reported by market insiders.
 
Furthermore, SteelOrbis has been informed by market insiders that this week rebar offers from Turkey to Dubai have remained unchanged as compared to last week and are still at the range of $670-680/mt CFR, on theoretical weight basis. However, no transactions have been concluded so far at this price range. 
 
$1 =AED 3.67
$1 =QAR 3.64