After moving down in the January 30-February 6 period, domestic rebar prices in the United Arab Emirates (UAE) have moved sideways during the past week as the downward movement of global billet and scrap prices was replaced by a rising trend as of last week. Accordingly, domestic rebar prices in the UAE have remained at AED 2,350-2,420/mt ($640-659/mt) delivered to customer excluding five percent VAT, while demand in the local UAE rebar market has remained strong during the past week.
$1 = AED 3.67