It is observed that demand in the local United Arab Emirates (UAE) rebar market has slowed down further over the past week and is still at low levels. In the given week, UAE-based traders’ rebar inventories have been at high levels, while buyers have exerted pressure on spot rebar prices. On the other hand, traders in the UAE rebar market were unwilling to change their domestic prices due to high-prices inventories, and so they have kept their domestic rebar offers stable week on week at AED 2,000-2,030/mt ($545-553/mt) delivered to customer.
Additionally, SteelOrbis has been informed that rebar offers at AED 1,980/mt ($540/mt) CFR and below are given from Omani to the UAE but import rebar demand in the UAE is also at low levels.
$1 = AED 3.67