Demand in the local United Arab Emirates (UAE) rebar market has remained at low levels over the past week, while prices have moved down in the given period. The local UAE rebar market is entering a traditionally slow period as regards demand amid the approach of Ramadan and also due to hotter weather conditions.
Domestic rebar prices in the UAE have decreased by AED 15/mt week on week to AED 1,920-2,000/mt ($523-545/mt) delivered to customer. Meanwhile, Emirates Steel Industries (ESI) has once again kept its domestic rebar prices stable and announced its prices for May output at AED 2,007/mt ($547/mt) ex-works, excluding five percent VAT.
Market sources state that demand in the local UAE rebar market may decline further due to seasonal reasons and the approach of Ramadan.
$1 = AED 3.67