Domestic rebar prices in the United Arab Emirates (UAE) have declined by AED 20/mt on the upper end during the past week to AED 2,350-2,400/mt ($640-654/mt) delivered to customer, excluding five percent VAT.
High domestic rebar prices and strong demand have been observed in the local UAE rebar market for a long time now. However, given the relatively low-priced rebar offers given from Oman to the UAE, domestic rebar quotations in the spot market in the UAE have also declined. Following this development, buyers in the local UAE rebar market have slowed down their purchases to see whether prices will soften further. On the other hand, it is observed that the ongoing infrastructure and construction projects within the scope of Expo 2020 are continuing to provide support for rebar demand in the UAE, and so no sharp decrease in the local UAE rebar market is expected.
$1 = AED 3.67