The decreasing trend of the local United Arab Emirates (UAE) rebar market, which started after the downward price revision made by UAE-based rebar producers for August sales, has continued in the current week, though at a slower pace. UAE-based traders’ domestic rebar offers have decreased by an average of AED 10/mt week on week to AED 2,210-2,240/mt ($602-610/mt) delivered to customer, excluding five percent VAT.
No improvement in domestic rebar demand in the UAE is expected due to the Feast of Sacrifice holiday which will last a full week starting from August 20. Accordingly, domestic rebar prices in the UAE may decline further in the coming period. Market sources state that work on incomplete or slowed down construction projects will accelerate after the end of August and so demand in the local UAE rebar market will then increase correspondingly.
$1 = AED 3.67