This week,
rebar demand in the
UAE has remained limited to demand coming from continuing small scale construction projects. As a result, local
rebar prices in the
UAE have this week shown some softening in line with weak domestic demand, declining to AED 2,700-2,725/mt ($735-742/mt) ex-works on theoretical weight basis. In the meantime, Turkish mills'
rebar offers to the
UAE have decreased by $10/mt as compared to last week, declining to $680-685/mt CFR on theoretical weight basis, for late October and early November shipments. Slightly lower offers are also available for large tonnage orders. Buyers in the
UAE state that they first want to see the price decline expected to be announced by Emirates Steel Industries (ESI) before they conclude new bookings.
In
Jordan, there is a certain amount of
rebar demand, though it is not sufficiently strong. SteelOrbis has learned that medium sized
rebar prices in
Jordan have decreased slightly by JOD 5/mt ($7/mt), due to softened domestic scrap prices, to JOD 645-655/mt ($909-923/mt) ex-works, including eight percent VAT, on actual weight basis, for 30-day deferred payment. Meanwhile, similar to the international
rebar markets, buyers are currently delaying their purchases in order to see bottom prices.
Rebar demand in Saudi Arabia is at good levels and market retail prices for
rebar have remained at SAR 2,900/mt ($773/mt) and wholesale
rebar prices are still at SAR 2,800/mt ($747/mt) - both ex-works and on a theoretical weight basis. Although a few traders with high inventories are offering slightly lower prices, this softness in offers is considered to be just temporary.
Rebar demand in
Yemen is still significantly low, while prices have further decreased by $10/mt due to the strong political tension in the country, after last week's price decline by the same margin. Accordingly, in
Yemen's domestic steel market, this week local traders' offers of imported medium sized
rebar stand at the price level of $800-810/mt ex-warehouse, for cash payment, on theoretical weight basis. In the meantime, SteelOrbis has further learned from market sources that Turkish steel mills'
rebar offers to
Yemen have also decreased by $10/mt as compared to last week, declining to $680-685/mt CFR on theoretical weight basis. However, buyers prefer to wait for prices to hit the bottom before concluding purchases.
In this week's Kuwaiti domestic
rebar market, medium size
rebar offers have remained at the price range of KWD 218-220/mt ($790-797/mt) ex-warehouse, on theoretical weight basis.
Rebar demand in
Kuwait is still weak. Turkish
rebar offers to
Kuwait have decreased by $5-10/mt to $685-690/mt CFR on theoretical weight basis. However, anticipating these offers will soften further, Kuwaiti buyers prefer to delay their bookings in order to avoid risks.
In
Egypt, although
rebar demand is low, buyers in the country are monitoring Turkish
rebar offers due to their competitiveness. Early this week, Turkish mills'
rebar offers to the Egyptian market had declined to $690/mt CFR. However, towards the end of the week, these offers have further decreased by $15/mt to $675/mt CFR on actual weight basis for prompt shipments. Although Egyptian buyers intend to make new purchases, since the price trend is downward, buyers first want to see prices reach the bottom.
Lately,
rebar offers to
Iraq from
Turkey's Iskenderun region had softened and had declined to $660-665/mt ex-works on actual weight basis. However, buyers continued to delay their purchases. For now, there is no
rebar demand coming to the Turkish mills from northern
Iraq.