It is observed that demand in the local United Arab Emirates (UAE) rebar market has remained at low levels over the past week. Market sources state that domestic rebar demand in the UAE has softened significantly as some major infrastructure projects have been completed. SteelOrbis has been informed that UAE-based traders’ inventory levels are currently on the high side. Additionally, UAE-based traders are unwilling to sell their high-priced rebar inventories at lower prices, despite their high inventory levels, preferring not to reduce their domestic rebar offers. As a result, domestic rebar prices in the UAE have remained stable week on week at AED 2,000-2,030/mt ($545-553/mt) delivered to customer.
$1 = AED 3.67