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