Transaction activity still weak in UAE rebar market

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 slightly reduced their rebar prices by AED 100/mt ($27/mt) on the lower end and by AED 50/mt ($14/mt) on the upper end to AED 2,000-2,150/mt ($545-586/mt) delivered to customer.
 
In the current week, SteelOrbis has been informed that UAE-based buyers have concluded ex-Turkey deals for a total of 22,000 mt of rebar at $400/mt CFR, on theoretical weight basis. Ahead of the end-of Ramadan holiday (July 4-7), UAE-based buyers' purchases both for locally produced and import rebar have slowed down, while in the coming period buyers are expected to continue their rebar purchases only in line with their needs.
 
$1 = AED 3.67