North Africa and Middle East’s rebar prices have started to go up in line with increases of demands from Egypt, Libya and UAE’s markets, according to market source.
Meanwhile, European scrap and rebar prices soared as well because Turkish buyers lift the scrap purchasing volume and CIS raises the export square billet price.
Turkish steel mills consecutively increased both export and domestic rebar prices due to increase of export volume; however, it’s said that domestic distributors constantly decrease the prices because the demand is lower actually.
Moreover, the demand from UAE’s market remains changeless last week, but UAE’s domestic rebar manufacturers are keeping on purchasing the overseas resources in order to satisfy the construction projects.
The current rebar settle price between Turkish steel mills and UAE is CFR UAE US$470/ton. Source:Yieh.com