As Emirati rebar suppliers have continued to struggle with a lack of sales, they have had no other choice but to accept lower prices to obtain orders.
According to sources, at present domestic workable prices for rebar in the UAE have fallen to AED 2,400-2,435/mt ($653-663/mt) ex-works, down AED 195-220/mt ($54-61/mt) from the levels fixed in deals last month. “Demand is still devastatingly low,” a UAE-based trader commented with regard to the current developments in the market.
Meanwhile, Emirati retailers have traded rebar at $676-700/mt (AED2,480-2,570/mt) ex-warehouse, for cash payment, with the higher end of the range valid for ESI-origin rebar.
Following the new construction regulations which have been implemented in the Abu Dhabi emirate and the city of Al Ain and which have obliged local contractors to use rebar produced only in the above‐mentioned municipalities, Omani mills are currently not present in the Emirati market, “except for one or two customers”.