According to market sources, rebar prices in the local UAE market have decreased by AED 5-10/mt ($1-3/mt) since last week to AED 2,265-2,270/mt ($617-619/mt) delivered, while demand and trading activity is sluggish due to the approach of the Feast of Sacrifice holiday (October 15-20). After the holiday, construction activity in the country is expected to increase and demand will likely improve.
On the other hand, ex-Turkey rebar sales in the region for October shipments have closed at the level of $572-580/mt CFR on theoretical weight basis, while local market players think that Turkish offers for late November shipments will likely be announced after the holiday and will remain stable, especially as the offers of UAE-based Emirates Steel Industries (ESI) are on the low side. However, considering higher import scrap prices, Turkish mills will likely aggressively seek to raise their prices after the holiday.
$1 = AED 3.67