Having been at low levels last week, demand in the local United Arab Emirates (UAE) rebar market has failed to increase over the past week and is still weak. Market sources state that summer is traditionally a slow season in the local UAE rebar market, and so demand is not expected to accelerate in the short term. As UAE-based rebar producers have kept their domestic prices stable during the past week, traders in the UAE spot market have reduced their domestic rebar quotations to stimulate sales, revising them downwards by AED 30/mt week on week to AED 2,260-2,300/mt ($615-627/mt) delivered to customer, excluding five percent VAT.
$1 = AED 3.67