Latest situation in local UAE rebar market

Tuesday, 16 October 2018 15:19:42 (GMT+3)   |   Istanbul
       

It is observed that demand in the local United Arab Emirates (UAE) rebar market has remained at low levels during the past week. In the meantime, UAE-based Emirates Steel Industries has reduced its domestic rebar prices by AED 162/mt month on month to AED 2,016/mt ($549/mt) ex-works, excluding five percent VAT. Market sources report that this new price level has not reflected on spot rebar quotations yet, but buyers have started to postpone their rebar purchases. Meanwhile, UAE-based traders have kept their domestic rebar prices stable week on week at the range of AED 2,000-2,030/mt ($545-553/mt) delivered to customer. Additionally, SteelOrbis has been informed that a fall in domestic rebar prices in the UAE is expected in the coming period due to the new price levels of producers as well as the downward pressure exerted on domestic  quotations by buyers.

 

$1 = AED 3.67


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