Trading activity in the local United Arab Emirates (UAE) rebar market has been lively during the past week, while demand is currently at medium levels. With the upward revision in the domestic rebar prices for November output of Emirates Steel Industries (ESI) and Qatar Steel, steel producers' domestic rebar quotations in the region moved up last week.
At the beginning of the current week, UAE-based Conares closed its rebar sales for November output yesterday, October 24, after selling 48,000 mt of rebar in total at the price level of AED 1,475/mt ($402/mt) ex-works. After the rises recorded in steelmakers' domestic rebar prices, traders in the UAE also raised their rebar offers, while in the current week their domestic rebar offers have increased further by AED 15/mt on average with the support of livelier trading activity to AED 1,520-1,530/mt ($414-417/mt) delivered to customer. On the other hand, Turkish rebar suppliers consider UAE-based buyers' firm bids to be very low and so they prefer not to give new offers to the country.
Meanwhile, Turkish exporters' rebar offers to their target markets except the UAE are currently in the range of $380-410/mt FOB.
$1 = AED 3.67