It is observed that demand in the local United Arab Emirates (UAE) rebar market has remained at low levels over the past week. Market sources state that, despite the import duty on rebar which was increased to ten percent, traders have reduced their domestic rebar quotations due to their high inventory levels and the near stagnation of local demand. As a result, domestic rebar prices in the UAE have decreased by AED 55/mt week on week and are currently at AED 1,825-1,875/mt ($497-511/mt) delivered to customer.
$1 = AED 3.67