Trading activity remains very lively in the local United Arab Emirates (UAE) rebar market amid the continuing strength of demand. With the influence of the rises seen in global raw material quotations last week as well as the strong demand conditions, UAE-based traders have increased their domestic rebar offers by AED 87.5/mt ($24/mt) during the past week to AED 1,700-1,725/mt ($463-470/mt) delivered to customer.
Previously, Turkish rebar offers, which had moved up in line with the rises seen in global raw material and finished steel quotations since the beginning of October, were considered to be on the high side by UAE-based buyers. Accordingly, buyers in the UAE preferred to focus on their domestic market for rebar purchases. However, with the sharp rises recorded in UAE-based traders' rebar offers during the past week, Turkish steel producers who had stayed away from the UAE rebar market since the beginning of October, returned to the market towards the end of last week with offers at $445-450/mt CFR on theoretical weight basis. In the current week, Turkish steel mills have concluded their first rebar sale to the country since August, for a total of 30,000 mt of rebar at $440-445/mt CFR on theoretical weight basis.
$1 = AED 3.67