According to market sources,
rebar prices in the UAE market have softened by approximately AED 10/mt ($3/mt) over the past week to the range of AED 2,130-2,140/mt ($580-583/mt) delivered. Meanwhile,
rebar offers from
Turkey to the UAE have remained unchanged compared to last week in the range of $495-505/mt CFR Dubai, on theoretical weight basis.
Turkish sources state that Turkish steel producers are unwilling to lower their offers for the UAE below $495/mt CFR due to slight rise seen in the Turkish import scrap market lately, while the latest ex-
Turkey deal to the UAE for 40,000 mt of
rebar was concluded at $495/mt CFR. For now, Turkish producers have completed their sales for shipments in December and early January and are now focusing on sales for shipments in late January. However, UAE traders are waiting to see the price revision expected from Emirates Steel Industries (ESI) in the second week of December and the price trends in the global market, and so they prefer to maintain a wait-and-see stance. On the other hand, Turkish producers are not pessimistic in the current situation and place some of their hopes in the slight increases seen in scrap prices.
$1 = AED 3.67