Over the past week, demand in the local United Arab Emirates (UAE) market has continued to remain weak. According to market sources, the UAE construction industry is experiencing a tightness of cash amid reduced sales, and so some construction projects have been cancelled while others are slowing down. In the given week, UAE-based traders have lowered their rebar offers to the domestic market by AED 50/mt on the lower end to AED 2,050-2,100/mt ($559-572/mt) delivered to customer, excluding five percent VAT.
$1 = AED 3.67