Buyers of steel rebar in the United Arab Emirates expect new domestic prices to be announced this week with an increase of about 315-515 dirhams ($86-140) per tonne, sources told Fastmarkets on Tuesday December 15.
Domestic rebar
Since November, the country's steel producers have been
offering rebar at 1,984,1,985 dirhams ($540) per tonne ex-works for orders to be produced in December. However, the producers closed their order books recently and are expected to announce new prices soon.
Market participants in the UAE said they expect new local rebar prices to be announced at around 2,300-2,500 dirhams ($626-681) per tonne ex-works.
This week, rebar deals were heard at 2,200 dirhams per tonne ex-works.
The reason for sharp increases in rebar prices is globally strong demand and increasing raw material costs, sources said.
"Prices will not start falling before Asian appetite for steel falls, and nobody knows when that...