UAE buyers wait for Turkish rebar offers to soften

Early last week, Turkish rebar offers to Dubai were standing at $690/mt CFR last week; however, after some deals were heard at this level, Turkish rebar offers moved up to $695/mt. Moving towards the end of the week, SteelOrbis learned that Turkish rebar offers to Dubai declined to $685/mt, returning to the level of two weeks earlier. On the other hand, market players believe that the silence in the Turkish domestic market and the decreasing demand of UAE buyers may have an impact in the softening of Turkish rebar offers.
 
As Turkish mills' scrap purchase prices soften, buyers in the UAE, who are closely following the Turkish market, prefer to wait for the moment in case Turkish offers soften further. In Dubai, current rebar prices are at AED 2,555-2,565/mt ($696-699/mt) ex-warehouse, on theoretical weight basis.     
 
$1 = AED 3.673