GULF STEEL BILLET, REBAR: Market awaits new local prices, expects rise of $30 per tonne

Steel rebar and billet buyers in the United Arab Emirates were waiting for new local rebar prices to be announced in the week ended Tuesday October 19; they expect a price increase of around $30 per tonne, sources told Fastmarkets.

Rebar producers normally announce new prices fortnightly in the UAE, but they have not made any changes since September 29.
Domestic rebar
Rebar producers in the UAE sold rebar at 2,300-2,346 dirhams ($626-639) per tonne ex-works last week, but they have not accepted new orders this week, market participants told Fastmarkets.

Buyers were expecting...

Bullish bankers and bearish institutions split on gold forecasts

Gold stocks down on flat metal price and mixed equities

Snowline Gold reports Initial Resource Estimate

Inflation subsiding and rate cuts starting internationally

Inflation rebound continues to reverse