It is observed that domestic rebar prices in the United Arab Emirates (UAE) have remained stable over the past week at AED 2,030-2,070/mt ($553-564/mt) delivered to customer. On the other hand, demand for domestic rebar in the UAE is still at good levels and regular purchases are expected to continue due to the ongoing preparations for Expo 2020.
Although UAE-based steel mills’ decision to cut their domestic rebar prices for December deliveries has prevented rebar prices in the domestic market from increasing for now, it is believed that the sharp rises recorded in global scrap quotations will be reflected in domestic rebar prices in the UAE for January deliveries.
$1 = AED 3.67