UAE PMI for May rebounds moods stay bearish
Purchasing managers’ indexes (PMIs) in the UAE rebounded in May, which increased to 46.7, but sentiment in the country remained depressing on lingering COVID-19 and oil price worries.
Currently, around third of the projects are on hold whether the new ones or the incomplete. However, this large number accounts for more than 40% of the total value of all active projects, as the majority are in urban construction.
The Argus monthly UAE rebar assessment now is at 1,623 UAE dirhams/t ($441/t) ex-works, down by Dh226/t ($61/t) on the year as the hot summer months approach.
Mills in the UAE presume that domestic demand will go on flat in the next coming months, at a maximum of 130,000t in June as liquidity concerns begin to take effect.