Although market suppliers are trying to keep domestic rebar prices stable in the United Arab Emirates (UAE), prices are under pressure and SteelOrbis has been informed that some traders have started to offer lower price levels.
It is observed that demand in the local UAE rebar market has failed to recover and has even slowed down slightly, while the supply-demand equilibrium has become unbalanced to the detriment of supply. Although domestic rebar prices in the UAE are still in the range of AED 1,970-2,040/mt ($537-556/mt) delivered to customer, indicating a stable trend week on week, some traders have started to offer prices at AED 1,930/mt ($526/mt) delivered to customer. However, SteelOrbis has been informed that UAE-based steel mills have kept their domestic rebar offers unchanged over the past week.
$1 = AED 3.67