The challenges in the global economy with the uncertainty in Europe coupled with sluggishness during Ramadan has resulted in fairly reduced
rebar purchases in the
Middle East and North Africa. However, approaching the end of Ramadan, buyers from the
UAE and
Qatar have increased their inquiries to Turkish mills for large volume orders.
Early this week, an ex-
Turkey rebar transaction to the
UAE was concluded at $620-625/mt CFR on theoretical weight basis. Currently, Turkish
rebar offers to the
UAE are standing at $620-630/mt CFR on theoretical weight basis, while Chinese offers are at $590/mt CFR.
Although Chinese
rebar offers are significantly lower as compared to Turkish offers, buyers in the
UAE are not opting to buy Chinese material. Unless this price gap widens even more dramatically,
UAE buyers will not change their preferences.