It is observed that buyers in the United Arab Emirates (UAE) have continued to exert downward pressure on domestic rebar quotations, supported by the decreases seen in global rebar prices. As UAE-based buyers maintain their wait-and-see stance, local rebar producers’ prices are expected to decrease in the coming period against the backdrop of falling scrap quotations. As a result, rebar prices in the UAE spot market are expected to follow producers’ lead and also move down. For now, domestic rebar prices in the UAE market have remained stable week on week at AED 1,880-1,930/mt ($512-526/mt) delivered to customer.
$1 = AED 3.67