Israeli rebar buyers continue to delay new bookings

Rebar prices in the Israeli domestic market have followed a sideways trend in the past three weeks. Accordingly, Israeli mills' rebar offers to their local market are still standing at $780-790/mt ex-works, excluding 16 percent VAT, on actual weight basis.
 
Due to the continuing rainy weather in Israel in previous weeks, rebar demand in the country was negatively affected. However, demand is expected to return to normal levels in line with better weather conditions and prices are predicted to see an upward correction amid improved demand.
 
This week, Turkish mills' rebar offers to Israel are standing at $700-705/mt CFR for April shipments, though no transaction has been heard at this price range. While currently adopting a wait-and-see stance, Israeli buyers are monitoring the recent increased activity in the Turkish scrap and rebar markets.