During the past week, trading activities in the local United Arab Emirates (UAE) rebar market have continued unabated with demand remaining at strong levels. Meanwhile, domestic rebar prices in the UAE have increased by an average of AED10/mt week on week to AED 2,380-2,410/mt ($649-657/mt) delivered to customer, excluding five percent VAT.
Additionally, UAE-based steelmaker Emirates Steel Industries (ESI) has announced its new rebar prices today, January 16. Accordingly, ESI has increased its rebar prices by AED 90/mt ($24/mt) to AED 2,340/mt ($638/mt) ex-works excluding five percent VAT, as compared to its previous price levels announced in December. Market sources state that this rise in ESI’s prices is higher than initial expectations, while as a result of this development the upward movement of the local UAE rebar market is expected to accelerate in the coming days.
$1 = AED 3.67