Transaction activity in UAE rebar market expected to improve after Ramadan

Demand for rebar in the United Arab Emirates has remained at low levels during the past week due to Ramadan, while in the same period UAE-based traders have reduced their rebar prices by AED 130/mt ($35/mt) on the lower end and by AED 200/mt ($54/mt) on the upper end to AED 1,870-1,950/mt ($510-531/mt) delivered to customer.
 
In the current week, no new ex-Turkey rebar offer or deal has been heard in the UAE market. Meanwhile, UAE-based steel producer Conares has closed its domestic rebar sales. SteelOrbis has been informed by Conares that its rebar price at $465/mt ex-works for July output announced on June 14 was for a limited quantity reserved from their production quota and just for regular buyers who had already concluded purchases at Conares' previous price level of $511/mt ex-works. Additionally, the validity of this offer at $465/mt ex-works has expired since the tonnages reserved at this price level have been sold. 
 
Ahead of the end-of Ramadan holiday (July 4-7), transaction activity in the UAE rebar market has slowed down significantly, while demand is expected to improve after the holiday. Also, another UAE-based steel producer Emirates Steel Industries (ESI) is expected to announce its new prices after Ramadan.
 
$1 = AED 3.67