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 buyers are considering the current domestic rebar prices to be on the high side, and so they are exerting downward pressure on quotations. On the other hand, UAE-based traders have kept their domestic rebar offers stable for the third consecutive week at AED 2,050-2,100/mt ($559-572/mt) delivered to customer, excluding five percent VAT.
$1 = AED 3.67