Rebar price levels in the Middle East markets have this week again maintained their downward trend. In Dubai, rebar prices have been at AED 1,700-1,800/mt ($463-490/mt) delivered to site on theoretical weight basis. It is heard that some local traders have been experiencing problems with bank credit loan repayments in the UAE, where end-user demand has been described as lively. It is also heard that the traders with such problems have been selling at levels lower than the average local market prices in an effort to bring in cash.
In the Syrian domestic rebar market, price levels declined by SYP 2,000/mt ($43/mt) up to Monday this week; however, the prices subsequently increased by SYP 4,000/mt ($86/mt) up to Thursday. This upward movement was triggered by Turkish export rebar offers to this country. In the wake of these export offers, local producers and traders increased their prices, thereby causing overall price levels in Syria to go up after an interval of several weeks.
In the local Turkish rebar market, prices have at long last started to go back up again after a full 15 successive weeks of decline. Following the scrap deals concluded during the previous week, there were some rumors about possible price increases in this county. Thus, offers both for the local and export markets in Turkey have undergone an increase this week. Rebar prices in the local Turkish market have this week been varying at the range of TRY 720-900/mt including VAT ($395-494/mt excluding VAT) ex-works. Turkish producers have this week increased their export offers to the level of $480/mt FOB from the past week's levels of $380-420/mt FOB. Thanks to all these increasing price levels, demand levels from traders and end-users in the local Turkish rebar market have reached a peak for the last fifteen weeks.
Rebar prices in the Saudi Arabian market have this week been continuing their downward movement. In this market, 8-16 mm rebar prices have been at levels of SAR 2,600-2,850/mt ($694-761/mt) ex-works/ex-warehouse, including five percent VAT, on theoretical weight basis. It is observed that supply is currently higher than demand in the local Saudi Arabian market.