UAE rebar buyers continue to seek discounts on ex-Turkey import offers

According to market sources, rebar prices in the local UAE market have softened by AED 30/mt ($8/mt) as compared to two weeks ago to AED 2,230-2,240/mt ($608-610/mt) delivered. On the other hand, Turkish rebar offers for the UAE market are now standing at $556-560/mt CFR on theoretical weight basis, declining by $20/mt over the same period. Meanwhile, it is heard that an ex-Turkey deal for about 20,000 mt of rebar has been concluded in the UAE at the price level of $556/mt CFR, on theoretical weight basis.
 
Turkish rebar offers to the UAE have indicated gradual declines due to the ongoing weak demand in the country because of the holiday lull and due to attractive Chinese rebar offers for the same destination. In addition, UAE buyers continue to seek discounts from Turkish rebar exporters in light of the further decreases recorded in import scrap prices. It is predicted that UAE buyers will likely obtain Turkish rebar offers at $550/mt CFR on theoretical weight basis in the coming days.
 
$1 = AED 3.67