Weak demand in UAE rebar market

Local rebar prices in the UAE market have followed a stable trend since last week, while demand is poor and purchasing activity has continued to be stagnant. Accordingly, rebar prices in the UAE market are still standing at price levels of AED 2,400-2,450/mt ($654-668/mt) ex-warehouse, on theoretical weight basis.
 
Local producer ESI is expected to announce a decrease of $5/mt in the coming days for its rebar prices as compared to its price levels last month. Meanwhile, Qatar Steel has kept its rebar offers stable for March as compared to February at QAR 2,325/mt ($639/mt) for delivers to Dubai.  
 
On the other hand, ex-Turkey rebar offers to the region are still at $608-615/mt CFR, though local buyers show no interest in these offers and are waiting for these offers to decline to $596-600/mt CFR.
 
$1 = AED 3.67
$1 = QAR 3.64