According to market sources, rebar prices in the local UAE market have indicated a decline of AED 10/mt ($3/mt) since last week, with prices now standing at AED 2,260-2,270/mt ($616-619/mt) delivered. Meanwhile, activity in the local market is not that strong, while some domestic mills, such as Emirates Steel Industries (ESI) and Conares Metal Supply, have kept their April production rebar prices stable as compared to prices for March production, with these two mills' new rebar offers standing at AED 2,241/mt ($611/mt) ex-works and at AED 2,210/mt ($602/mt) ex-works, respectively.
In the meantime, Turkish rebar offers to the UAE have strengthened up by $5-10/mt over the past week to $575-580/mt CFR on theoretical weight basis for April shipment amid the ongoing increases in import scrap prices for Turkey. However, no deal has been heard in the UAE market so far at the revised offer levels.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.
$1 = AED 3.67