Latest situation in local UAE rebar market ahead of Feast of Sacrifice holiday

Tuesday, 30 July 2019 13:51:03 (GMT+3)   |   Istanbul

Local producer Emirates Steel Industries (ESI) in the United Arab Emirates (UAE) has kept its domestic rebar prices for August output stable at AED 1,953/mt ($532/mt) ex-works, excluding five percent VAT. Meanwhile, current retail prices for ESI’s rebar in the UAE market are at AED 1,950-2,000/mt ($531-545/mt) delivered to customer. However, buyers continue to exert pressure on traders’ offers.

On the other hand, other UAE-based producers’ domestic rebar prices have moved sideways week on week at AED 1,900-1,970/mt ($518-537/mt) delivered to customer.

Market sources indicate that construction firms are concluding purchases regularly and that domestic rebar demand in the UAE is expected to increase slightly after the Feast of Sacrifice holiday (August 9-14).

$1 = AED 3.67


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