SteelOrbis has heard from market sources that local rebar prices in the UAE market have showed no changes since last week, remaining at AED 2,270-2,280/mt ($619-621/mt) delivered. The expected recovery in transaction volume after the Ramadan holiday has not materialized yet, while local steel producer Emirates Steel Industry (ESI) is expected to announce its August production rebar prices on August 22. Buyers in the UAE market are waiting to see ESI's new price levels before concluding any deals, while finished steel demand in the country is expected to pick up by next week.
On the import side, Turkish rebar offers for the UAE are varying in the range of AED 575-580/mt CFR on theoretical weight basis, though no deals have been heard so far at this level.
$1 = AED 3.67