UAE rebar market moves sideways

Demand for rebar in the United Arab Emirates (UAE) has remained at medium levels during the past week, while UAE-based traders' domestic rebar prices have remained unchanged in the same period at AED 2,100-2,200/mt ($572-599/mt) delivered to customer. Market sources state that traders' rebar offers have been supported by Qatar Steel's decision to keep its rebar prices stable for July production after filling its order books for May and June output.
 
Meanwhile, the latest import offer prices for Turkish rebar heard in the UAE in the middle of last week were at $450/mt CFR on theoretical weight basis, while UAE-based buyers are now unwilling to conclude rebar purchases above $410/mt CFR on theoretical weight basis. Buyers in the UAE state that domestic rebar prices in Turkey have declined significantly over the past month and they also want to see similar decreases in their rebar purchase prices from Turkey. UAE-based buyers' needs for rebar have increased since they stopped their purchases from Turkey last month. As a result, buyers in the UAE are expected to restart their purchases in the short term despite Ramadan which will start next week.
 
$1 = AED 3.67