According to market sources, rebar offers from Turkey to Yemen have softened by $15/mt over the past two weeks to $530-540/mt CFR, on theoretical weight basis, while demand has been decent. Last week, a deal was heard from Turkey to Yemen for 30,000-40,000 mt of rebar at $535/mt CFR on theoretical weight basis.
Lately, Yemeni importers have been seeking further price reductions from Turkish rebar producers as import scrap prices in Turkey have continued to decline and as ex-China rebar offers for Yemen have been more attractive, and so they postponed their purchases of Turkish material. Yemeni importers are expected to increase their purchases of Turkish rebar at the reduced prices but are also likely to push for further price reductions.