Decreases expected in Yemeni rebar market

According to market sources, decreases are expected in the Yemeni rebar market. Turkish mills' latest rebar sales to the region have been concluded at $605/mt CFR, while the latest ex-China rebar deal have been concluded at the price level of $600/mt CFR.
 
As Chinese market players are off on their National Day holiday and will be away from the market for almost 10 days, Turkish steel mills want to take advantage of their absence and maintain their current offer levels. Accordingly, Turkish producers have continued to offer rebar to the Yemeni market at $605/mt CFR, on theoretical weight basis, while after the holiday ex-China offers to Yemen are expected to decrease to the level of $580-590/mt CFR, on theoretical weight basis. Meanwhile, Yemeni buyers prefer to postpone their purchases as they believe prices will soften further.