Demand for locally produced rebar, meanwhile, was strong in and market participants expect prices to increase.
Billet
Iranian mills were offering billet at $535-540 per tonne cfr to the UAE, while billet from Gulf Co-operation Council (GCC) countries was on offer at $535 per tonne cfr.
About 30,000 tonnes of billet was booked to the UAE from Iran at $509-510 per tonne cfr.
Metal Bulletin’s weekly price assessment for UAE billet imports was $509-535 per tonne cfr on Tuesday January 2, widening from $525-530 per tonne cfr.
“Prices will increase,” a market participant said. “Saudi mills are hungry for billet [so] it will be $545-550 per tonne soon,” a market participant said.
Rebar imports
There was no demand for rebar imports in the UAE and Saudi Arabia, while offer prices increased.
Turkish steelmakers were offering rebar at $565-570 per tonne cfr on a theoretical weight basis to the UAE.
And Metal Bulletin’s weekly price assessment for UAE rebar imports was $565-570 per tonne cfr on a theoretical weight basis on Tuesday, up from $540-545 per tonne cfr.
Turkish producers were offering rebar to Saudi Arabia at $565-575 per tonne cfr on a theoretical weight basis, with one buyer was bidding $555-560 per tonne cfr.
But market participants were already expecting the price to increase.
Metal Bulletin’s weekly price assessment for Saudi Arabian rebar imports was at $560-565 per tonne cfr on a theoretical weight basis on Tuesday, up from $540-545 per tonne cfr.
Domestic rebar
Major local rebar producers in the UAE announced their latest prices on December 18.
The country’s biggest producer, Emirates Steel, has been offering rebar at 2,250 dirhams ($613) per tonne ex-works, and the rebar from Conares Steel was on offer at 2,241.75 dirhams per tonne ex-works.
“Prices may increase [because] demand is strong,” a trader said.
Metal Bulletin’s weekly price assessment for domestic rebar in the UAE was unchanged at 2,240-2,250 dirhams per tonne ex-works on Tuesday.