It is observed that demand in the United Arab Emirates (UAE) has remained at low levels over the past week. Meanwhile, domestic rebar prices in the UAE have decreased by AED 50/mt on the lower end and by AED 30/mt on the upper end week on week to AED 1,950-2,000/mt ($531-545/mt) delivered to customer, due to the influence of the downtrend of global steel quotations recorded last week. Market sources state that buyers are unwilling to conclude new purchases as they do not wish to carry inventories over to next year, while demand in the local UAE rebar market is not expected to revive in the short term.
$1 = AED 3.67