According to market sources, UAE-based steelmaker Emirates Steel Industries (ESI) has announced that it keeps its February production rebar prices stable as compared to prices for January output materials at AED 2,241/mt ($611/mt) ex-works. ESI has increased its production capacity to 300,000 mt in January from 205.000 mt recorded in December, and demand for mill's offers remain at moderate levels.
On the other hand, UAE buyers believe that ex-Turkey rebar offers will soften and decline under the level of $580/mt CFR on theoretical weight basis amid the weakening in scrap prices. In line with this expectation, UAE buyers have started to put downward pressure on Turkish mills' rebar offers. A Turkish steelmaker has sold about 50,000 mt of rebar in the country at the price level of $580-585/mt CFR for shipment in February, though buyers now find the offers at $580-585/mt CFR at the high side.
$1 = AED 3.67
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