According to market sources, rebar prices in the UAE domestic market have increased by AED 10-20/mt ($3-5/mt) over the past two weeks and are currently at AED 2,310-2,330/mt ($629-635/mt) delivered. It is reported that prices have gained strength due to brisk demand in the UAE domestic market prior to Ramadan.
Last week, domestic producers Emirates Steel Industries (ESI) and Conares had increased their rebar prices for June production compared to May production by AED 19/mt ($5/mt) and AED 10/mt ($3/mt) respectively, with their prices currently at AED 2,260/mt ($616/mt) ex-works.
Meanwhile, ex-Turkey rebar offers to the UAE are in the range of $570-580/mt CFR on theoretical weight basis and for July shipments. Market sources state that UAE buyers are still considering the import rebar offers in question and that new transactions are expected to be concluded next week.
$1 = AED 3.67