UAE rebar market witnesses slightly increased activity

After last week's announcement of rebar prices by UAE-based steel producer Emirates Steel Industries (ESI), local Dubai rebar market has witnessed a slight revival in market activity. In the meantime, it is reported that ESI has so far confirmed about 60-70 percent of traders' rebar orders. If rebar demand increases in Dubai in the coming days, this situation may result in higher prices. As SteelOrbis reported last week, ESI's rebar offers are currently standing at AED 2,425/mt ($660/mt) ex-works.
 
On the other hand, Turkish rebar offers to Dubai are standing at $625-630/mt CFR on theoretical weight basis, for late August and early September shipments. Price competition among import offers to Dubai is currently poor, as only two Turkish producers are giving offers to the country, while it is stated that competition may escalate again if new market players also issue offers.
 
$1 = AED 3.673