Emirates Steel Tuesday lowered its rebar prices for its November and December order books, earlier than expected.
It priced the rebar at Dirham 1,370/mt ($373/mt) delivered, down from its October order pricing of Dirham 1,490/mt ($406/mt) delivered.
"I had a quick chat with various traders; they are not happy with the price," a United Arab Emirates-based trader said. There was a possibility Emirates Steel could lower prices further, the trader said.
At an industry event earlier in October, an Emirates Steel representative expressed dismay at current pricing trends and trying to competing with prices of Turkish material imported into the UAE.
He attributed Turkish imports as the major factor driving price changes for Emirates Steel, with still no Chinese imports.
The lower price for November and December put Emirates Steel's pricing equivalent to Turkish material at $340/mt CFR theoretical weight ($330/mt FOB actual), or $336/mt CFR theoretical weight ($325.50/mt FOB actual) from larger suppliers.
Platts on Monday assessed Turkish export rebar at $335/mt FOB.
Acceptable levels from Turkey will be maxed at $335/mt CFR theoretical weight ($324.50/mt FOB actual) due to the price drop, the UAE trader said.
