However, Egyptian importers who were awaiting domestic price announcement for May and slowed down their purchasing activities at the beginning of the 17th week have not been purchasing much, despite the recently announced new price hikes. It is heard that importers and stockists whose stocks at high levels have an intention of selling off their stocks before new purchases. Due to the slow down, Turkish mills have not succeeded to raise their rebar export offers to the levels of $515-520/mt C&F Egypt which they intended to increase after the price increases seen in Egyptian domestic market. Rebar offers from Turkey to Egypt have been in the range of $505-515/mt C&F at the beginning of the 19th week, while through the end of the current week it is heard that these offers have decreased to the levels of $480-495/mt C&F Egypt.
The developments experienced in the Egyptian market are closely followed up in the Turkish domestic rebar market. For this reason, offers given to this country have had a great affect on Turkish domestic rebar market. Against the background of the silence in purchasing activities in Egypt and export offers given to this country standing below expected levels, prices have deteriorated in the Turkish domestic rebar market. At the end of this week rebar prices in Turkey vary in the range of TRY 850-910/mt ($548-586/mt) ex-works, including VAT.
Importers in UAE have made price inquiries to Turkey in order to purchase rebar this week (19th week) in particular. Turkish mills' rebar export offers given to the UAE market have been at the levels of $485-495/mt C&F on theoretical weight basis. However, due to no new projects handled in the UAE's domestic rebar market, no improvement observed in terms of end-user demand. Currently, rebar prices in the UAE domestic market are standing in the range of AED 1,820-1,950/mt ($495-530/mt) ex-works on theoretical weight basis, while it is possible to find offers below these levels depending on insisted firm bids for high tonnage purchases.
Looking at the Saudi Arabian domestic rebar market, it is seen that inventory levels are still at high levels. Meanwhile, the possibility that the export restriction applied on iron and steel products may be withdrawn by the Saudi Arabian government has brought some hope for producers regarding the future market. The end-user demand has been trending neutral in the Saudi Arabian domestic rebar market.