Rebar prices stabilized in the local market in the UAE, for the third month in a row during the current year 2023 (June, July, August) at an average of 2450 dirhams per ton, according to data from manufacturers.
Prices recorded a decline of 11%, to 2450 dirhams per ton in June, compared to the same period in last year 2022, which touched 2750 dirhams per ton, but it recorded a slight increase by 3% from 2380 dirhams per ton at the beginning of 2023.
Sources working in the local building and construction sector explained this stability, with the balance of demand against supply, and the global markets overcoming the repercussions of the special military operation of the Russian Federation in Ukraine, in addition to the stability of the supply movement and the costs of air and sea freight, whose prices have doubled, since the beginning of the “Covid-19” pandemic. .
On a monthly basis compared to last May, prices recorded a decrease of 3.3% from 2534 dirhams per ton, and in April they reached 2663 dirhams per ton, and 2544 dirhams per ton in March, while they touched 2450 and 2380 dirhams per ton in February and January, respectively.
Prices reached their peak in the local market in 2022, at 3174 dirhams per ton in May, but ended 2022 at 2260 dirhams.
Construction demand remains strong in the UAE and the region. 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 $133.5 billion. (490 billion dirhams) by 2027, recording a compound annual growth rate of 4.7%, from 2022 to 2027.
