Demand for rebar has improved week on week because prices have now been announced, sources added.
Local rebar mills announced new prices on October 24.
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Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne ex-works since October 24, rising from 2,406 dirhams per tonne ex-works.
Re-rollers in the UAE are offering rebar at 2,440 dirhams per tonne ex-works.
However, deals were heard at 2,435-2,490 dirhams per tonne ex-works during the week, indicating that discounts were given.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw UAE was 2,435-2,490 dirhams per tonne on November 2, widening downward from 2,440-2,490 dirhams per tonne on October 26.
Oman sold rebar to the UAE at 2,400 dirhams per tonne, 2,410 dirhams per tonne, and 2,450 dirhams per tonne cpt during the week.
Buyers expected higher prices from Oman last week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), import, cfr Jebel Ali, UAE on a theoretical-weight basis was $653-667 per tonne on Tuesday, falling from $670-680 per tonne on October 26.
No new billet prices were heard to the UAE during the week.
This was because billet producers in Oman, the largest source of billet to the UAE, have made contracts with Asia countries recently. In addition, some are focusing on producing special-grade billet, Fastmarkets heard.
UAE sources assessed billet imports prices at around $640-660 per tonne cfr.
As a result, Fastmarkets’ weekly price assessment for steel billet, import, cfr Jebel Ali, UAE was $640-650 per tonne on November 2, narrowing downward from $640-660 per tonne on October 26.
Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.