SteelOrbis has been informed that the price of imported rebar in the local Dubai market is standing at the level of AED 3,600-3,800/mt ($980-1,034/mt) delivered to site on theoretical weight basis, with three-to-four month deferred payment, excluding VAT, while local production rebar in the same market is at the price level of AED 3,300/mt ($898/mt) with the same terms.
Construction activities in the UAE are currently slow due to Ramadan. Thus, it is observed that end-user demand is on a downward trend. However, it is expected that demand will return to its normal levels after Ramadan. The rebar price levels have weakened compared to last week in the UAE market, in which stock levels are high