While some large infrastructure projects in the United Arab Emirates (UAE) have been completed and some are now in their last phases, demand in the local UAE rebar market has increased slightly over the past week, though failing to reach strong levels. Receiving weak demand from their domestic market and despite their high inventory levels, some UAE-based traders are unwilling to sell their stocks at lower prices due to higher global scrap quotations. Market sources state that buyers have started to make price inquiries for rebar against the backdrop of higher scrap quotations, but they are still concluding deals only in line with their needs. On the other hand, UAE-based traders’ domestic rebar prices are still at AED 2,000-2,030/mt ($545-553/mt) delivered to customer, indicating sideways movement week on week.
$1 = AED 3.67