It is observed that domestic rebar prices in the United Arab Emirates (UAE) have remained unchanged during the past week at AED 2,410-2,450/mt ($657-668/mt) delivered to customer, excluding five percent VAT.
Despite the declines recorded in global scrap and billet prices, the unabated rebar demand from UAE-based buyers has prevented any possible fall in domestic rebar quotations in the UAE. Market sources state that, considering the long-standing strength of demand as well as the current price levels, no downward movement in the local UAE rebar market is expected in the short term.
$1 = AED 3.67