The price movement of the majority of building materials varied between stability, rise and fall, as the prices of rebar rose by 6% from 2,500 to 2,650 dirhams per ton before the end of this month, against the backdrop of their rise globally by $174 per ton. Sources working in the local building and construction market suggested that this rise was due to an increase in shipping prices, raw materials, and an increase in demand.
Rebar prices in the local market in the Emirates at the beginning of the new year 2022 witnessed stability at their levels at the end of 2021, around 2,500 dirhams per ton, after recording a decline of 20% from about 3,000 dirhams per ton at the end of the 9 months of last year.
The circles working in the contracting, building and construction market are currently awaiting Emirates Steel’s announcement of its market price before the end of this month.
The movement of rebar prices locally is linked to developments in global markets in terms of movement in the prices of both shipping and raw materials, in addition to the demand factor. It should be noted here that the price of a ton of iron rose by $174 (638 dirhams) in the last quarter of 2021, which raises expectations for an increase in the price of this basic material in the local building and construction market.