According to market sources, rebar offers from Turkey to Yemen are at $530/mt CFR on theoretical weight basis, while last week deals were concluded for more than 40,000 mt of rebar for end of February shipments. It is known that two week ago Yemeni buyers, who import approximately 60,000-80,000 mt of rebar each month, concluded ex-Turkey deals at $510-520/mt CFR on theoretical weight basis. Yemeni importers, while remarking that rebar offers given by Turkish exporters have been higher recently, indicate that they will show greater interest in offers from Chinese suppliers which are now at $500-505/mt CFR on actual weight basis, if the gap between Chinese and Turkish offers widens further.
Yemeni market players state that they are aware that the increase in Turkish rebar offers to Yemen is mostly due to the significant rise in imported scrap and billet prices in Turkey despite the lack of strong demand and that Turkish producers are making the most of this opportunity to raise their prices. The sources believe that, subsequently, rebar offers from Turkey will soften again at the end of February and in early March.