It is observed that demand in the local United Arab Emirates (UAE) rebar market has remained at low levels during the past week. SteelOrbis has been informed that buyers in the local UAE rebar market have maintained their wait-and-see stance since their inventory levels are high, and so they are expected to operate with their inventories in hand. On the other hand, market sources report that the expectations of a fall in UAE-based producers’ domestic rebar prices next month is also influencing traders, leading buyers to exert pressure on traders’ rebar quotations. Having remained stable at AED 1,950-2,000/mt ($531-545/mt) delivered to customer over the past week, domestic rebar prices in the UAE are expected to move down in the short term due to the downward pressure and the weakness of demand.
$1 = AED 3.67