It was observed that local producers in the United Arab Emirates (UAE) had increased their domestic rebar prices in the last week of March, though the higher rebar quotations failed to gain acceptance. As a result, UAE-based producers were forced to offer discounts based on their list prices to stimulate their sales. Domestic rebar demand in the UAE has recovered from its slackness seen at the beginning of last week, and so UAE-based mills have withdrawn the discounts in question.
In line with the recovery of demand, rebar prices in the UAE domestic market have increased by AED 10/mt during the past week to AED 2,350-2,400/mt ($640-654/mt) delivered to customer, excluding five percent VAT. The lower end of the price range represents the offers of UAE-based traders which had purchased Omani rebar, while traders purchasing from local steel mill Emirates Steel Industries (ESI) are offering prices at the upper end of the range.
$1 = AED 3.67