In the Jordanian domestic rebar market, medium sized rebar prices are currently standing at the price range of JOD 620-625/mt ($873-880/mt) ex-works, including eight percent VAT, on actual weight basis, for 30-day deferred payment. This price range indicates a further softening of JOD 15/mt ($21/mt) as compared to last week. Local rebar prices in the country show some declines in line with lower scrap and billet prices, coupled with reduced demand.
Rebar demand in the Jordanian domestic market is currently weak, as the country's economic situation has become uncertain with the government failing to convince the parliament to accept the 2012 draft budget, as well as due to tightened liquidity in the market. In the meantime, Jordanian rebar buyers are still waiting for the arrival of cargoes from previous transactions.
In addition, no new rebar import offers to Jordan have been heard amid the weakness of demand.
JOD 1 = $1.408