Rebar trading in Oman has failed to improve so far. “There are many projects on hold, with very slow cash inflow as a consequence,” an official at an Oman-based rebar mill stated. The unfavourable situation in the longs market in the neighboring UAE has only exerted pressure on the positions of Omani rebar suppliers.
Accordingly, although rebar prices for local end-users in Oman have increased by OMR 10-15/mt ($25-39/mt) within the past two weeks to OMR 280-285/mt ($725-738/mt) delivered, the volume of orders has remained at a minimum level. “In the absence of a recovery, prices may come down even lower here in Oman,” the supplier commented. Meanwhile, Omani dealers have been voicing their price ideas at not higher than OMR 270/mt ($699/mt) ex-works, according to sources.
According to sources, trading activity in the UAE market has remained muted. Nevertheless, being in the UAE market with offers at $777/mt (AED 2,850 AED/mt) CPT, the main Omani supplier is said not to be in a hurry to lower prices to the abovementioned destination. Following the most recent maintenance works which lasted three weeks, the producer has preferred to focus on export sales outside of the Gulf Cooperation Council (GCC). Meanwhile, smaller suppliers report that bids from Emirati buyers are hardly higher than $750/mt (AED 2,750/mt) CPT.
$1 = AED 3.67
$1= OMR 0.384