The local United Arab Emirates (UAE) rebar market has started to feel the influence of the declines recorded in global steel prices, while it is observed that domestic rebar prices in the UAE have moved down despite the ongoing strong demand generated from the continuing infrastructure and construction projects. Meanwhile, domestic rebar quotations in the UAE have declined by AED 60/mt on the lower end and by AED 30/mt on the upper end week on week to AED 2,350-2,420/mt ($640-659/mt) delivered to customer, excluding five percent VAT.
Market sources state that the strength of demand in the local UAE rebar market is not expected to decrease in the short term due to the preparations for Expo 202 which will be held in Dubai, while no sharp declines are foreseen in UAE-based steel mills’ domestic rebar prices in this period.
$1 = AED 3.67