SteelOrbis has been informed that the price for imported rebar in the local Dubai market is standing at the level of AED 4,200-4,400/mt ($1,143-1,197/mt) delivered to site on theoretical weight basis, with 3-4 month deferred payment, excluding VAT.
The global downtrend in rebar prices is also affecting the United Arab Emirates market- a market which had been maintaining its strength since the beginning of 2008. The gradual downtrend in the UAE market, which started around one and a half month ago, still continues. The main reason behind the price falls in the market is an excess of supply, seasonal hot weather and the softening in the end-user demand due to the Ramadan, as well as the eagerness of traders to sell off their inventories.