Billet buyers in Oman wait for end of downtrend before concluding deals

Last week while Turkish billet offers to Oman were standing at $640-645/mt CFR, a billet transaction was concluded at $644/mt CFR from Turkey to Oman. Turning to this week, ex-Turkey billet offers to Oman have not shown any changes as compared to last week.
 
Local market players indicate that Turkish billet producers keep giving offers to Oman, but buyers prefer to wait until the downtrend in prices comes to an end before they start to make purchases. While offers in the abovementioned range are heard in the market, no bargain prices have yet materialized.
 
Meanwhile, local producers' billet offers in the domestic market are standing at $625-635/mt ex-works in Oman. Since Omani buyers are meeting their needs from the domestic market, they have postponed their purchases in the import market.  In the meantime, retail rebar prices are at OMR 276/mt ($718/mt) ex-warehouse, for 30-day deferred payment.
 
OMR 1 = $ 2.60