Market sources report that transaction activity has failed to improve despite the declines seen in rebar offers, while exporters have had difficulties finding buyers even for small tonnages at the $480/mt FOB level. Market players state that in the UAE market some purchases for a total 25,000 mt of rebar have been concluded at $485-490/mt CFR on theoretical weight basis, while most UAE-based buyers are reluctant to conclude deals at these price levels but instead are waiting for more attractive rebar offers from Turkey.
Meanwhile, Turkish rebar offers to the US have decreased by $5-10/mt compared to last week to $500-510/mt CFR on theoretical weight basis. This price range is reportedly very close to buyers' price ideas and so new transactions may be concluded in the coming days. On the other hand, political tensions in Yemen have continued to exert a negative impact on trade in the country and Yemeni importers still prefer to stay away from the market, meaning reduced export opportunities for Turkish rebar exporters.