After producers in the United Arab Emirates (
UAE) had revised their domestic
rebar prices downwards last week, demand from
UAE-based buyers - who had been waiting for some time for local producers to announce their
rebar prices in order to have a clearer picture of the market - has improved slightly.
On the other hand, with better demand in the market compared to last week and given the support of the increases seen in import
rebar prices,
UAE-based traders have maintained their domestic
rebar quotations unchanged despite last week's downward movement of the prices of
UAE-based producers. Accordingly, domestic
rebar prices in the
UAE spot
rebar market are still in the range of AED 1,750-1,775/mt ($477-484/mt) delivered to customer.
Demand for import
rebar has nearly come to a halt in the
UAE as
UAE-based producers have kept their prices stable week on week despite the rises seen in global scrap and finished steel quotations. It was observed last week that Turkish steel mills had increased their
rebar offers to the
UAE from $410/mt CFR at the beginning of last week to $420/mt CFR at the end of the same week, both on theoretical weight basis, amid higher production costs against the backdrop of the increases recorded in import scrap quotations in Turkey. It is heard that Turkish
rebar offers to the
UAE have been at $440/mt CFR on theoretical weight basis as of the beginning of the current week. However, considering the price levels of domestic
rebar prices in the
UAE no new Turkish
rebar deal is expected to be concluded at $440/mt CFR.