SteelOrbis has learned from market sources that rebar prices in the UAE domestic market have remained stable since last week at AED 2,300-2,310/mt ($626-629/mt) for deliveries to customers.
The improved transaction activity observed in the UAE domestic rebar market in the last two weeks now seems to have lost its momentum ahead of Ramadan, which this year starts on June 28.
Local steel producer Emirates Steel Industries (ESI) has resumed its normal production rates after the disruptions seen in its production beginning in early March and continuing until the start of the current month and this has relieved domestic rebar supply shortages. ESI is expected to complete rebar shipments of June orders by mid-July. In the meantime, the widespread expectation in the UAE rebar market is that demand will continue to trend sideways at medium levels during Ramadan, without showing a significant decline.
On the import side, although rebar transactions from Turkey to the UAE are being concluded at $568-575/mt CFR on theoretical weight basis for late July shipments, market sources have told SteelOrbis that local buyers have almost completed their import rebar bookings for July shipments.
$1 = AED 3.673