According to market sources, rebar prices in the local UAE market have declined by AED 30-50/mt ($8-14/mt) over the past week to AED 2,000-2,020/mt ($545-550/mt) delivered. Increased import volumes have contributed to the declines in question, while rebar sales and demand in the local market have been decent. Local producer Emirates Steel Industries (ESI) will next week announce its rebar prices for February production and its prices may soften due to the increase in import volumes.
Meanwhile, its reported that representatives of Turkish producers have lately visited the UAE in order to conclude fresh sales. This week Turkish producers' rebar offers to the UAE are in the range of $495-500/mt CFR, on theoretical weight basis, indicating a decline of $2-5/mt compared to last week. UAE market sources confirm that three Turkish producers have concluded rebar deals to the country for a total of 30,000 mt at the average price level of $495/mt CFR, on theoretical weight basis. Meanwhile, Chinese offers to the UAE for chrome-added rebar are currently standing at $450/mt CFR.
$1 = AED 3.67