While the local United Arab Emirates (
UAE)
rebar market is still waiting for domestic producer Emirates Steel Industries (ESI) to announce its
rebar prices for February, demand for
rebar in the
UAE has remained at low levels during the past week. It is reported that buyers will position themselves in line with the prices of ESI. Meanwhile, traders in the
UAE have reduced their
rebar prices for the third consecutive week due to the weakness of demand. As a result, domestic
rebar prices in the
UAE have declined by an average of $12.5/mt week on week to AED 1,825-1,850/mt ($497-504/mt) delivered to customer.
As predicted, Turkish
rebar offers to the
UAE have decreased, softening by an average of $5/mt to $430-435/mt CFR on theoretical weight basis. Following the sharp decline recorded in the ex-US scrap deal in Turkey concluded today, January 24, it is believed that Turkish steel mills will once again revise their
rebar quotations to the
UAE downwards in the short term amid lower production costs, and also as they are seeking to accelerate their export sales due to the weak domestic demand in Turkey.
$1 = AED 3.67