Demand in the local United Arab Emirates (UAE) spot rebar market has been at low levels during the past week. Market sources state that traders were overstocked, and so domestic rebar prices of traders have fallen slightly due to the weakness of demand. After the sideways movement lasted for three weeks, spot rebar prices in the UAE have decreased by AED 70/mt on the upper end and by AED 50/mt on the lower end in the current week to AED 2,000-2,030/mt ($545-553/mt) delivered to customer.
$1 = AED 3.67