The upward movement of traders’ domestic rebar prices in the United Arab Emirates (UAE) gained momentum last week following UAE-based steelmaker Emirates Steel Industries’ (ESI) announcement of its new rebar prices with an increase. Having already been at good levels, demand for rebar in the UAE has improved further as higher domestic rebar quotations has gained acceptance over the past week.
Domestic rebar prices in the UAE have increased further by an average of AED 50/mt week on week to AED 2,350-2,400/mt ($640-654/mt) delivered to customer.
$1 = AED 3.67