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. Meanwhile, producers continue to offer discounts depending on buyer and tonnages. Meanwhile, traders’ prices in the local UAE rebar market have also remained unchanged week on week at AED 1,440-1,450/mt ($393-395/mt) delivered to customer, for February shipment.
Meanwhile, according to market sources this month UAE-based buyers are focused on obtaining prices of $320-325/mt CFR in deals for Turkish rebar for March shipment and are reluctant to conclude deals above this price range, given the declines seen recently in import scrap transaction prices in Turkey. The latest Turkish rebar deals in the UAE were concluded at $330-333/mt CFR.
$1 = AED 3.67