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