Demand in the local United Arab Emirates (UAE) rebar market is at good levels, while purchases are continuing steadily. It is observed that steel mills have mostly completed their domestic rebar sales for December, and so traders are observed to have revised their domestic rebar quotations upwards. Domestic rebar prices in the UAE have increased by an average of AED 75/mt week on week to AED 2,100-2,150/mt ($572-586/mt) delivered to customer, with market sources stating that the upward movement of the local UAE rebar market is influenced by the current levels of the global raw material and long steel prices.
Meanwhile, UAE-based steel producers are expected to announce their new list prices for January output next week, with an increase anticipated in accordance with the current circumstances. Additionally, SteelOrbis has been informed that five percent VAT will be imposed on steel products in the UAE, effective as of January.
$1 = AED 3.67