In the Jordanian domestic rebar market this week, medium sized rebar prices are currently standing at the price range of JOD 615-630/mt ($865-886/mt) ex-works, including eight percent VAT, on actual weight basis, for 30-day deferred payment. However, some transactions have been concluded at lower price levels.
Since negotiations still continue on the 2012 budget and as it has not been legislated yet, economic and political uncertainty prevails in the country. In the meantime, it is reported that buyers are facing serious liquidity issues and so they continue to restrict their purchases within the scope of their urgent needs. Besides, in order to continue their business activity despite the lack of cash flow, it is reported that some producers have chosen to exchange rebar for scrap.
On the other hand, while no new rebar import offers have been heard lately due to low demand, it is reported that Jordanian buyers have concluded some ex-Yemen billet transactions.
JOD 1 = $1.407