The UAE steel rebar and bullion markets were generally weak in the seven days leading up to Tuesday, September 28th. This issue, which was mainly due to lower import prices, seems to continue. In this section, we will evaluate the latest developments in this market from the perspective of Metal Bulletin. Please be with Artan Press.
*** UAE Internal Rebar Market Evaluation
Emirates Steel cut its October rebar price to $ 655 per tonne (2,406 dirhams) on Tuesday. This amount of $ 710 per ton has experienced a downward trend. However, last week some domestic sales were made at the price of 2,400-2,510 dirhams ($ 683-661) per ton. The weekly Fast Market assessment for steel (alloy) reinforcing rebars, domestic, outside the UAE on Tuesday, September 28 was unchanged in the range of 2400-2.510 dirhams per ton.
*** Import of UAE steel rebar
Rebar bids from Oman fell to $ 640-645 per tonne in the UAE on Tuesday. A week earlier, the price had dropped to $ 647-667 per tonne of cpt. Weekly Fast Market Assessment for Reinforcing Steel (Alloy) Rebar, CFR Port Jebel Ali, UAE based on nominal weight $ 640-648 per tonne on 28 September. This is down from $ 648-667 per tonne last week.
*** Evaluation of UAE ticket import
Weekly Fast Market Assessment for Steel Ingots, Imports, cfr Port Jebel Ali, UAE unchanged at $ 625-630 per tonne on 28 September. Suppliers of CIS hot rolled sheets have been examining the situation in various destination markets in recent days. Especially Russian factories that are looking for new markets due to the recession in the domestic market. Ukrainian hot rolled sheet in Turkey was $ 880 to $ 890 per ton CFR, equivalent to $ 845 to $ 855 per ton FOB. Whereas two weeks ago it was $ 865 to $ 870 per tonne fob. Russian hot rolled sheet is $ 890 per ton CFR in Turkey, equivalent to $ 855 per ton FOB. In general, the demand for sheets is not favorable in Turkey.
*** recession; Dominant trends in Asian and European markets and the UAE steel market
The Asian and African steel markets have also adopted a downward trend as the dominant approach. In North Africa, demand was moderate, with Ukrainian hot-rolled sheets costing $ 900 to $ 910 per tonne CFR, which fell by $ 30 to $ 40 per tonne over three weeks. Russian product $ 910 to $ 920 per tonne CFR was heard in this destination. Last week, there was talk of Russian hot rolled sheets in markets such as the UAE, Pakistan, Vietnam and Bangladesh. Purchases for Russian sheets were also made in Europe.
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