Over the past week, demand in the local United Arab Emirates (UAE) has remained slack, while buyers have continued to exert pressure on prices. Emirates Steel Industries (ESI) has kept its domestic rebar prices stable for May production at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT, as its order books are full, it is still offering varying discounts. Meanwhile, other producers’ rebar offers for domestic market are at AED 1,920-1,950/mt ($523-531/mt) delivered to customer. As a result, domestic rebar prices in the UAE are at the range of AED 1,920-2,000/mt ($523-545/mt) delivered to customer.
In the coming period, demand for domestic rebar in the UAE is expected to decrease further due to the approach of Ramadan and since construction activity will become difficult due to weather conditions after Ramadan holiday. Accordingly, domestic rebar prices in the country are likely to continue their downward movement.
$1 = AED 3.67