Israeli rebar demand set to increase with better weather

This week, Israeli mills' rebar offers to their local market have decreased by $10/mt as compared to last week, declining to $810-820/mt ex-works, excluding 16 percent VAT, on actual weight basis. In the meantime, it is also reported that rebar prices in some transactions between traders may be as low as $790-800/mt. Market analysts state that the strengthening of the US dollar against the Israeli shekel has played a major role in this price drop.
 
As SteelOrbis reported last week, since there is a number of large scale construction projects planned within the scope of Israel's 2012 budget, it is thought that rebar demand in the country may maintain its strength in the coming period. Meanwhile, the recent rainy weather, which affected construction works negatively in past weeks, has ended and it is thought that rebar demand in the country may rebound if the good weather continues.
 
Turkish rebar offers to Israel have declined by $10/mt as compared to last week to $710-720/mt CFR, though no transaction has been concluded at this price range so far. With the further strengthening of rebar demand in Israel, local buyers with low inventory levels are expected to conclude new bookings.