According to market sources, buyers in the local United Arab Emirates (UAE) rebar market have adopted a wait-and-see stance at least until the new year due to the recent fluctuations of steel prices in the global market and also since their inventories are on the high side. Over the past week, UAE-based producers’ domestic rebar prices have remained stable week on week at AED 1,950-2,000/mt ($531-545/mt) delivered to customer. Meanwhile, traders are unwilling to decrease their prices due to their high-priced inventories.
$1 = AED 3.67