Demand in the local United Arab Emirates (UAE) rebar market has declined slightly over the past week, while correspondingly domestic rebar prices in the market have moved down by AED 20/mt on the upper end week on week to AED 2,320-2,380/mt ($632-649/mt) delivered to customer, excluding five percent VAT.
It is observed that domestic rebar supply in the UAE is at sufficient levels, while buyers continue to work with local producers to meet their rebar needs. Market sources state that the changes in global raw material and long steel markets have not been directly reflected in the local UAE rebar market since domestic demand has a bigger influence on the trend of the market. Additionally, rebar suppliers in the UAE are not concerned about the weakening of demand; instead the general opinion in the local UAE rebar market is that ongoing projects will provide support for domestic demand.
$1 = AED 3.67