Over the past week, demand in the local United Arab Emirates (UAE) rebar market has remained at low levels. Market sources state that trading activity in the market has slowed down with the influence of Ramadan which will start tomorrow, May 16.
Accordingly, domestic rebar prices in the UAE have declined by an average of AED 20/mt week on week and are currently at AED 2,260-2,290/mt ($616-624/mt) delivered to customer. SteelOrbis has been informed that UAE-based steel mills plan to reduce their domestic rebar quotations further under the current circumstances.
$1 = AED 3.67