Due to the approaching end-of-Ramadan holiday, trading activity in the local United Arab Emirates (UAE) rebar market is stagnant, with buyers waiting until after the holiday to conclude purchases. On the other hand, the AED 72/mt increase made by Emirates Steel Industries (ESI) at the end May for June output rebar prices has been reflected in the domestic market. As a result, traders have raised their domestic rebar offers on delivered to customer basis due to higher costs. Accordingly, rebar prices in the UAE spot market have increased by AED 20/mt week on week to AED 2,300-2,350/mt ($627-640/mt) delivered to customer, excluding five percent VAT.
$1 = AED 3.67