Buyers in the United Arab Emirates (UAE) are exerting downward pressure on domestic mills’ rebar prices amid lower offers from Oman. As a result, domestic rebar prices in the UAE have declined by AED 25/mt on the lower end and by AED 20/mt on the upper end week on week to AED 2,350-2,400/mt ($640-654/mt) delivered to customer, excluding five percent VAT. Due to this downward pressure on prices, in the coming days UAE-based producers are expected to announce reduced rebar prices for May output.
$1 = AED 3.67