According to market sources, prices in the local UAE rebar market have decreased by AED 20/mt ($5/mt) during the past week to the range of AED 1,650-1,660/mt ($450-452/mt) delivered, for September production. Market sources state that demand is at medium levels in the local UAE rebar market and has not yet reached the levels seen before Ramadan. As a result, market players have had to reduce their prices in order to attract more demand.
On the other hand, after giving rebar offers at $395-400/mt CFR on theoretical weight basis to the UAE market last week, Turkish steel producers have not made any new price offers to the country this week. Market players state that local steel producer Emirates Steel Industries (ESI) decreased its rebar offers for its domestic market by $40/mt for September purchases on month-on-month basis and so Turkish producers will have to decrease their rebar offers to the country by $10-15/mt in the coming period in order to be competitive in the market.
$1 = AED 3.67