Israeli rebar buyers foresee increase in new offers from Turkey

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. The continuing rainy weather in Israel has continued to dampen rebar demand in the country.
 
In previous weeks, Turkish rebar offers to Israel were at $690/mt CFR. However, in the current week Israeli buyers state that Turkish mills are not providing any offers in response to their inquiries and that they expect new offers to be issued early next week. The new offers are expected to be $20/mt higher than previous levels, while the lack of offers in the current market situation is interpreted as an indication of the coming price hike.
 
If Turkish mills' offers to Israel increase next week as expected, it is thought that this increase may be fully reflected in Israeli domestic prices.