SteelOrbis has been informed that local rebar prices in the UAE market have been trending at AED 2,280-2,300/mt ($621-627/mt) delivered, remaining unchanged since last week. Market sources note that demand in the UAE market has slackened this week since buyers are waiting for lower prices due to the ongoing declines in iron ore prices and also given the aggressive Chinese billet offers in the market.
On the import side, Turkish rebar offers to the UAE can be found in the range of $580-585/mt CFR, remaining stable over the past week. However, UAE rebar importers are seeking offers at $575/mt CFR, as expectations for lower local and import rebar prices prevail in the market.
$1 = AED 3.67