UAE-based buyers start import rebar purchases for March shipment

Over the past week, prices in the local United Arab Emirates (UAE) rebar market have remained stable, while demand is still at medium levels. Accordingly, domestic producers' prices in the local UAE market are still at AED 1,360-1,400/mt ($371-382/mt) ex-works, for February shipment. Meanwhile, producers continue to offer discounts depending on buyer and tonnages.
 
On the other hand, UAE-based buyers have started to conclude import rebar bookings for March shipment, while they have concluded deals for 30,000 mt and 20,000 mt of rebar during the past week at $320-325/mt CFR and $320-323/mt CFR, respectively. The quotations in question are $10/mt lower on average than the price levels seen in ex-Turkey rebar deals concluded last month, while UAE-based buyers are expected to continue their rebar purchases from Turkey in the coming period. Additionally, despite stable demand, traders' prices in the local UAE rebar market have declined by AED 10/mt ($3/mt) since last week amid the decreases seen in domestic prices on ex-works basis at the beginning of February and due to the downward movement recorded in import rebar quotations. Accordingly, traders' prices in the local UAE rebar market are now in the range of AED 1,430-1,440/mt ($389-392/mt) delivered, for February shipment.
 
$1 = AED 3.67