According to market sources, rebar prices in the local UAE market have increased by AED 20/mt ($5/mt) since last week, with prices now standing at AED 2,260-2,270/mt ($616-619/mt) delivered. Although demand has not showed any significant improvement, traders have raised their offers since Emirates Steel Industries (ESI) has kept its March production rebar prices stable as compared to prices for February production at AED 2,241/mt ($611/mt) ex-works - contrary to expectations that it would cut its prices. In addition, orders for February are expected to be delayed due to some problems which have occurred at a production line at ESI's rolling plant and growing expectations for supply tightness in the market, allowing traders to hike their prices.
In the meantime, rebar offers from Turkey to the UAE are at $570/mt CFR on theoretical weight basis, indicating an increase of $5/mt since last week following the completion of import deals in the country for March shipment. However, local buyers are not willing to conclude new bookings above the level of $565/mt CFR.
$1 = AED 3.67
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