Rebar demand in the UAE has not recovered yet after the one-week-long Ramadan holiday and is still low. Local rebar prices in the UAE this week have remained stable at the range of AED 2,750-2,775/mt ($749-756/mt) ex-works on theoretical weight basis. In the meantime, Turkish mills are no longer offering rebar to the UAE for September shipments, but their rebar offers to the UAE for October shipments stand at $730/mt CFR on theoretical weight basis, though these offers are scarce. Buyers in the UAE prefer to monitor new market trends in the current period, delaying their bookings and considering that they will gain relief in terms of material inventory with the arrival of rebar cargoes in October from their previous transactions from Turkey.
In Saudi Arabia, market players state that rebar demand in Ramadan this year was relatively higher as compared to the Ramadans of previous years, though not very lively, and thus they expect a further recovery in demand in the coming weeks. In the Saudi Arabian market, retail prices for rebar remain at SAR 2,900/mt ($773/mt) and wholesale rebar prices are still at SAR 2,800/mt ($746/mt) - both ex-works and on a theoretical weight basis.
Rebar demand in Kuwait is still sluggish following the Ramadan holiday and the market is expected to gain further clarity next week. In this week's Kuwaiti domestic rebar market, medium size rebar offers have remained at the price range of KWD 218-220/mt ($796-803/mt) ex-warehouse, including taxes, on theoretical weight basis. Turkish mills' rebar offers to Kuwait this week are still at $730-740/mt CFR, on theoretical weight basis. Kuwaiti rebar buyers have not switched to buying yet and they prefer to watch the global market trends following the holidays.
In Jordan, rebar demand has witnessed some revival after Ramadan and demand is expected to show further improvement next week. Medium sized rebar prices in Jordan have increased by JOD 10/mt ($14/mt) in line with some improvement in demand to JOD 650-660/mt ($916-930/mt) ex-works, including eight percent VAT, on actual weight basis, for 30-day deferred payment.
The Yemeni rebar market has not yet gained clear shape following the Ramadan holiday and market players currently prefer to monitor the global economic situation. In Yemen's domestic steel market, this week local traders' offers of imported medium sized rebar still stand at the price level of $820-830/mt ex-warehouse, for cash payment, on theoretical weight basis. In the meantime, after the Ramadan holiday Turkish steel mills' rebar offers to Yemen have increased by $10/mt, reaching $740/mt CFR on theoretical weight basis. Stating that rebar demand in the country is limited with demand coming from the private sector, Yemeni traders are currently keeping their rebar bookings at a minimum to avoid any risks though they are in need of material.
In Israel, domestic rebar prices on shekel basis have shown some increase in line with good demand and supply shortages; however, due to the strengthening of the US dollar against the Israeli shekel, prices on dollar basis now seem softer. Israeli mills' rebar offers to their local market stand in the price range of $860-870/mt ex-works, excluding 15.5 percent VAT, on actual weight basis. In the meantime, Turkish rebar offers to Israel have increased slightly, reaching $760-765/mt CFR. However, due to the long holiday period in Israel beginning with the New Year holiday on September 29, demand is foreseen to slacken and strongly recover after the holiday.
Egypt's largest rebar producer EZZ Steel has kept its domestic rebar prices for September at the previous level of EGP 4,800/mt ($803/mt) ex-works. The price in question is on actual weight basis and includes eight percent sales tax. Demand has not revived in the Egyptian market yet. Turkish mills' rebar offers to Egypt have increased by $10/mt after the Ramadan holiday, reaching $740/mt CFR. However, Egyptian buyers say that they prefer to wait for a while amid slack demand.
Rebar offers given to Iraq from Turkey's Iskenderun region have recently increased, reaching $740/mt ex-works. However, rebar demand in Iraq is low and buyers are adopting a wait-and-see stance, amid concerns regarding the global economy.