According to market sources, Yemeni rebar buyers are unwilling to conclude new import deals, and in particular deals for Turkish rebar, amid expectations of a decline in prices. Considering the recent slight downward trend in scrap prices, Yemeni buyers find Turkish rebar offers at $460/mt CFR on theoretical weight basis to be on the high side. Yemeni buyers also state that Turkish offer prices should decline at least to the range of $440-450/mt CFR before they would consider concluding purchases, but Turkish producers are unwilling to reduce their prices.
On the other hand, Yemeni buyers report that Chinese suppliers have maintained an aggressive pricing strategy after their recent holiday and have starting to offer rebar at $430/mt CFR on actual weight basis. However, Yemeni buyers are deterred by the long delivery times from China, on average 60 days, and by the corrosion of products caused by long waiting times aboard ship. Therefore, no new purchases from China have been concluded, with only some inquiries being heard.