According to market sources, over the past week rebar prices in the local UAE market have declined by AED 10/mt ($3/mt) to the range of AED 1,990-2,010/mt ($542-548/mt) delivered. Demand in the local UAE market has been at decent levels over the same period but traders complain about tighter profit margins. Meanwhile, local steel producer Emirates Steel Industries (ESI) has announced its rebar prices as expected, keeping its rebar prices for February productions have remained stable at AED 1,985/mt ($541/mt) ex-works compared to last month.
On the other hand, Turkish producers' rebar offers to the UAE market have remained unchanged since last week at $495-500/mt CFR on theoretical weight basis. UAE buyers state that they are keeping a close eye on developments in the Turkish scrap market, waiting for scrap prices to soften, while they are unwilling to conclude rebar deals at current price levels. However, Turkish producers appear to be unwilling to reduce their prices below $495/mt CFR.
Meanwhile, Chinese offers to the UAE for chrome-added rebar have softened by $5/mt on the lower end to the range of $445-450/mt CFR on actual weight basis.
$1 = AED 3.67