Omani rebar offers to the United Arab Emirates (UAE) are observed to be lower than domestic rebar quotations in the UAE, and so, in addition to the declines recorded last week, domestic rebar prices in the UAE have decreased by a further AED 30/mt on the lower end week on week to AED 2,320-2,400/mt ($632-654/mt) delivered to customer, excluding five percent VAT. On the other hand, UAE-based buyers mostly prefer to work with local suppliers and demand for rebar in the country is at good levels, with both these factors preventing sharp declines in the rebar quotations of UAE-based producers and traders.
$1 = AED 3.67