It is observed that demand in the local United Arab Emirates (UAE) rebar market has decreased to low levels over the past week. Market sources state that the sharp fall recorded in Chinese semi-finished and finished steel export prices has caused UAE-based buyers to exert pressure on domestic rebar quotations. On the other hand, UAE-based traders have kept their domestic rebar prices stable in the current week at AED 2,000-2,030/mt ($545-553/mt) delivered to customer, due to higher inventory levels.
$1 = AED 3.67