Supply-demand imbalance negatively impacts UAE long steel market

While demand and activity levels were expected to improve in the long steel markets with the arrival of the New Year, uncertainty as regards the five percent import duty on rebar in the United Arab Emirates (UAE) has caused local buyers to shy away from the import market and focus more on domestic long steel products. At the same time, the supply-demand imbalance has been affecting the local market negatively.
 
Rebar prices in the UAE market are standing at the price level of AED 2,400-2,450/mt ($654-668/mt) ex-warehouse, on theoretical weight basis, while equal angle offers in the domestic market are ranging at $685-700/mt delivered to customer.
 
On the other hand, ex-CIS billet offers to the region are at $575-585/mt CFR.
 
$1 = AED 3.67