According to market sources, rebar prices in the local UAE market have softened by AED 10/mt ($3/mt) on the low end since last week to AED 2,250-2,270/mt ($613-619/mt) delivered. Market players indicate that local steelmakers are offering attractive offers to their domestic market to keep Turkish mills away from the UAE market, while it seems that, if local prices keep softening, UAE buyers will retreat from purchasing import materials in order to minimize their risks.
Meanwhile, after the selection of Dubai as the venue for EXPO 2020, construction projects in the country are expected to increase and demand will likely improve further as of 2014.
$1 = AED 3.67