Rebar steel prices in the local market in the UAE declined by 11% to reach 2450 dirhams per ton in June, compared to the same period in 2022, which was approximately 2750 dirhams per ton, while prices recorded a slight increase by 3% compared to the beginning of the year, which amounted to 2380 dirhams per ton.
On a monthly basis compared to last May, Rebar steel prices decreased by 3.3% from 2534 dirhams per ton. During the month of April, it reached 2663 dirhams per ton, and 2544 dirhams per ton in March, at a time when prices approached 2450 and 2380 dirhams per ton in February and January, respectively.
And Rebar steel prices had reached their peak in the local market in 2022 at 3,174 dirhams per ton for the month of May, due to the repercussions of the war between Russia and Ukraine, which affected the decline in supplies of raw materials and the disruption of supply chains, which affected global markets.
Rebar steel prices ended 2022 with a slight increase of 1.6% during December and November, reaching 2260 dirhams per ton, compared to 2222 dirhams per ton in October, which settled at 2222 dirhams per ton.
Prices in the local market decreased by 6.5% to reach 2351 dirhams per ton in September, compared to 2516 dirhams per ton in August and July. It amounted to about 2750 dirhams per ton in June, after declining by 13% compared to May prices, which amounted to 3174 dirhams per ton.
Rebar prices increased in April by 21% to 3120 dirhams per ton, compared to 2587 dirhams per ton in March, which also achieved an increase of 4% compared to February and January, which recorded 2488 dirhams per ton, due to the start of the crisis in Ukraine during the last week of February.
According to data issued by BNC, the growth rate in the construction sector in the Middle East is the highest in the world, and the local sector in the UAE recorded an average annual growth rate of 6.8% for the year 2022, and its value is expected to reach $ 133.53 billion (490 billion dollars). billion dirhams) by 2027, recording a compound annual growth rate of 4.7% during the period from 2022 to 2027.
The value of the construction sector in the GCC countries is estimated at $1.6 trillion, with more than 21,000 active projects registered by the end of 2022.
