GULF STEEL BILLET, REBAR: Market slow on expectation of price cuts

Demand for steel rebar and billet in the United Arab Emirates was slow this week because buyers expected prices to fall, while producers kept their prices unchanged, sources told Fastmarkets on Tuesday January 26.

Billet imports were likely to remain slow until local producers gave discounts, sources added.
Domestic rebar
Since Janaury 13, the country’s steel producers have been offering rebar at 2,590-2,735 dirhams ($705-744) per tonne ex-works for February production, and have announced that they will keep prices unchanged this week despite the expectation in the market for a reduction.
Market participants expected prices to decrease because of global price falls for raw material and billet.

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Serife Durmus

January 26, 2021

15:30 GMT