Transaction activity in UAE rebar market improves after Ramadan

Following the end-of-Ramadan holiday, transaction activity in the United Arab Emirates (UAE) rebar market has started to revive, though demand for rebar in the country is still at low levels.
 
During the past week, UAE-based traders have reduced their rebar prices by AED 70/mt ($19/mt) on the lower end and by AED 100/mt ($27/mt) on the upper end  AED 1,800-1,850/mt ($490-504/mt) delivered to customer.
 
In the same period, import rebar offers to the UAE have also declined. Turkish rebar offers to the country have fallen by $15/mt compared to the price levels recorded before the end-of-Ramadan holiday to $380/mt CFR on theoretical weight basis. Buyers in the UAE are maintaining a cautious stance towards new rebar purchases, while demand is expected to increase further in the coming days.
 
$1 = AED 3.67