After
UAE-based steelmaker Emirates Steel Industries (ESI) revised its domestic
rebar prices downwards for February output on February 7, other steel mills in the region also reduced their
rebar offers, with the result that
UAE-based traders followed suit and also made downward adjustments to their domestic
rebar offers. However, in the current week,
UAE-based traders have once again increased their domestic
rebar offers, raising them by AED 32.5/mt week on week amid the ongoing rises seen in the global raw material and
rebar markets and also as demand in the domestic
rebar market has revived slightly since last week. Accordingly,
UAE-based traders' domestic
rebar prices have reached AED 1,790-1,800/mt ($488-491/mt) delivered to customer. As a result of the ongoing upward movement of global steel quotations,
UAE-based buyers expect domestic
rebar offers for March production to increase and so they have accelerated their
rebar purchases slightly over the past week.
On the other hand, Turkish
rebar offers to the
UAE are still moving up, with Turkish steel mills increasing their
rebar offers by $12.5/mt week on week to $450-455/mt CFR on theoretical weight basis. However, the offers at AED 1,610-1,630/mt ($439-444/mt) ex-works given by some
rebar producers in the
UAE and Oman are considered to be more attractive by
UAE-based buyers and so they are unwilling to conclude deals for Turkish
rebar, the prices of which are no longer advantageous after their rapid uptrend since the beginning of February.
$1 = AED 3.67